We were delighted to welcome our guest from soar.fi. The AMA took place on April 30h, 2021 and our guest was @iamnotstatic .
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
Gold Rocket | Satoshi Club: Hello, dear community! We are pleased to announce AMA with soar.fi
D. Папа Роуч: hello Satoshi Club! and today our guests – @SoarDev and @iamnotstatic ! hello guys!
Gold Rocket | Satoshi Club: Hello and welcome to Satoshi Club☺️
0xDev: Hello. Thank you for invitation!
Gold Rocket | Satoshi Club: We are very glad to conducting AMA with Soar.Fi!
0xDev: Glad to be here and answer all questions about our awesome project:)
D. Папа Роуч: oh hello!
D. Папа Роуч: good to have you in our club! 😊let’s go then! we will start with intro, as usual 😉 so please introduce yourself and tell us a bit about soar.fi 😇
Gold Rocket | Satoshi Club: we are also very excited about the upcoming AMA and look forward to hearing from you as much information as possible about your project🚀🚀🚀
0xDev: I am the Lead developer in SOAR.FI project responsible for product developments, security, and engineering along @iamnotstatic. I am working for more than 8 years in product engineering and security and 4 are dedicated to blockchain and crypto space.
Gold Rocket | Satoshi Club: Great background 👍
D. Папа Роуч: cool! soar.fi is not your first crypto project i assume?
0xDev: As a developer, I have worked on multiple other projects as well. So, no it is not the first one. 🙂
Gold Rocket | Satoshi Club: So what is the essence of soar.fi ?
0xDev: SOAR.Fi is a decentralized framework for liquidity control.
SOAR is building a novel product called the Liquidity Migrator, which at its core is a smart contract that allows the seamless swap of liquidity from one pool to another. Its primary purpose is to merge residual liquidity across Uniswap and become an ever-increasing liquidity shelter for the Ethereum community.
Gold Rocket | Satoshi Club: it sounds very much in the spirit of the times and crypto trends😉 Also we would like to know about your team. Who is on the project team?
0xDev: Glad that you asked about this!
SOAR.FI is constantly expanding its team to handle the development load. At the moment we are 5 in total + community members that are taking care of chat while we are working on product development.
By the way, in case there are any talented with (proven experience) members in the Club, let us know by emailing us with your CV to [email protected]! 🙂
D. Папа Роуч: awesome! Satoshi clubbers don’t miss your chance to find a good and interesting job 😉😊
Gold Rocket | Satoshi Club: a good team is the key to success! 🚀
0xDev:🙂
D. Папа Роуч: @SoarDev thank you for the good intro! are you ready to start with community questions?
0xDev: Let’s go! 🙂
Gold Rocket | Satoshi Club: thank you very much for the great intro!
Q1 from Telegram user @johana0012
The sharp rise of new protocols has put cryptocurrencies in a new light, paving the way for users and institutions to participate in this new decentralized journey. Why did you decide to launch $ SOAR without fundraising or pre-marketing? How will you provide liquidity to investors? How will the funds be distributed?
0xDev: Our vision was to build a project from the ground up into something with a high impact and significance in the DeFi ecosystem. It also made no sense to market our product as a “Liquidity Absorber” and raise money for liquidity. Even if I knew it could turn out to be a bumpy road, I decided to cover the initial expenses and start from the ground up as I strongly believe in the team I’ve assembled to build the products. So far, it exceeded our expectations, and we are pleased to have a healthy and organic foundation built before we launch our main products.
We are entering the era of anonymous cryptocurrency projects, where the only element that matters is product delivery. Anonymity is a right in the cryptocurrency space, and it should be respected by every party involved in a project. 🙂
Gold Rocket | Satoshi Club: It makes sense..
D. Папа Роуч: totally agree about anonymity 👍 how did you promote your project after the launch? or all you did is you just listed project on uniswap and people started buying?
0xDev: We were amazed by the amount of interest the project had literally after it was listed on Uniwap, I guess it was easy for investors to find all info they need because the token name has the website link matching!
It took off really fast!
Recently we have launched the Incentivized community marketing (Awareness Pool) where we allocated 50k USD worth of tokens to incentivize the community and create original content about the vision of SOAR.
So, again, if any of the members of this club has amazing skills, check it out!:)
Gold Rocket | Satoshi Club: Well, thanks for great answers! Ready for the next question? 🚀
0xDev: Yep!
D. Папа Роуч: 👍
Q2 from Telegram user @Korryl
I read that User possible to holding LP tokens to migrate their LPs’ liquidity to SOAR by effortlessly swapping them using the Migrator. Can you explain what is this Liquidity Pool Migrator? And how this Liquidity Migrator mechanism work?
0xDev: The Liquidity Migrator is a unique smart contract that allows seamlessly swapping the liquidity from one pool to another.
In short, it calculates automatically how much ETH your LP is worth, and based on logic found on https://research.soar.fi/liquidity-migrator , it market buys SOAR and provides liquidity in just one transaction, so you don’t have to worry about multiple operations. You can check more in the documentation mentioned before to see it in depth. 🙂
D. Папа Роуч: thanks this is a good instruction! sadly didn’t read your docs before AMA 😁 need to check later !
Gold Rocket | Satoshi Club: as far as I understand this is a win-win option😉
0xDev: Yep, it is unique, and no such tool existed before!
But now, it is open-sourced in our GitHub.
Gold Rocket | Satoshi Club: Thanks a lot for the clarification! Do you want to add something or can we proceed to the next question?🚀
D. Папа Роуч: so other projects can do fork from you, if they want?
0xDev: You can use and see it here: www.migrate.soar.fi. Yes, anybody can fork the contracts.
Gold Rocket | Satoshi Club: Awesome 👍
D. Папа Роуч: thank you for answer! we proceed to the next question😊
Q3 from Telegram user @Fkarlos
SOAR is an ERC-20 with a frictionless yield generator mechanism that applies a 1% fee on each transfer and instantly distributes the fee among holders. This is the easiest way to bet that exists today. Do you mean that by this, Holders don’t need to deposit tokens anywhere and wait for fees to be delivered? What other positive attributes does the $SOAR token present? Based on what fees are awarded and how long does it take to be reflected in the status of a $SOAR token holder? Will they implement some kind of $SOAR inflation?
0xDev: We are constantly improving the LM but we hope it will be used to surround SOAR, the future developments.
0xDev: On it now. With frictionless yield rewards you don’t need to stake your tokens, the yield is distributed instantly to anyone holding their SOAR tokens in an ERC20 compatible wallet.
Here the tax is 1% that means that 1% of each transaction is taken as a tax and redistributed proportionally amongst all the holders.
It doesn’t imply any inflation since the total supply of SOAR tokens is fixed (10millions) but we took it as a nice mechanism to reward our holders.
Other than that, SOAR is the main token of the ecosystem and it will have plenty of attributes with the full release of the volume harvester and the other last ecosystem elements that are on track.
Gold Rocket | Satoshi Club: By the way, share your tokenomics with us please😉
D. Папа Роуч: this way of ‘staking’ that we all can dream of, i think everyone will agree that this is super convenient, without need to stake and lock your token on some platform or wallet 👌
0xDev: Tokenomics can be seen by accessing https://soar.fi and clicking the top right corner button (Tokenomics & Transparency Report).
Gold Rocket | Satoshi Club:
thanks for sharing! 👍
0xDev:🙂
Gold Rocket | Satoshi Club: I also know that you have successfully passed the audit! Can you also share with our community? 😊
0xDev: Sure!
0xDev: Hacken.io is one of the leading security consulting companies and auditors in the cryptocurrency space. We have met an agreement to perform a security audit for all of our further smart contracts.
https://hacken.io/wp-content/uploads/2021/01/SOAR_SC_Audit_Report270121.pdf
D. Папа Роуч: Hacken is rock! they one of the best 💪
0xDev: https://twitter.com/hackenclub/status/1376915719309365249
Check out the LM audit as well
Gold Rocket | Satoshi Club: Wow! It’s one of the best auditors! Thanks for sharing! Ready for the next question?
0xDev: Yep
Q4 from Telegram user @victorogb
After a successful launch, SOAR aims to take the next step by releasing the Network Observer (Dashboard), which will allow SOAR to begin the Volume Harvester competition; which is a perpetual (weekly) contest with ETH prizes for the top volume traders of SOAR. Can you briefly describe what the Network Observer is, what are the forms of some of the ETH prizes to be won, and what are the basic requirements and rules for participating and the eligibility requirements for these rewards?
0xDev: The Network Observer is basically your personal portal to SOAR ecosystem. It’s a UI (user interface) with all the information regarding your holding and SOAR in general.
It will gather all the statistics regarding SOAR for you. For example, the yield you are earning, your trading performances, your rank in the Volume Harvester contest etc…
The Volume Harvester is basically a trading contest that will reward the best performing traders. No other rules than being registered on the Network Observer platform and being a SOAR holder/trader.
As every element of the SOAR ecosystem is thought to work hand in hand with the other, the Volume Harvester contest aims to produce the volume that will then turn into frictionless yield for the passive holders.
D. Папа Роуч: @GoldRocket27 do you want to participate in this contest? 👀
0xDev:🙂
Gold Rocket | Satoshi Club: it really interested me😉 Btw do your users need to pass KYC?
0xDev: At the moment the contest is paused until we finish the BSC integration and SoarSwap. Nope
D. Папа Роуч: so in that way, The Network Observer can function like Zapper or Zerion? if im not mistaken?
0xDev: It is solely for SOAR holders focused to show all statistics you need, including how much SOAR you receive daily 🙂
D. Папа Роуч: ok, got it! thank you! 😊
Gold Rocket | Satoshi Club: thanks!
D. Папа Роуч: ready for the next question?
0xDev: Yep
Q5 from Telegram user @konditer_rolex
I saw your post on Twitter about BSC integration. I am not familiar with your project and I want to clarify a few points. What kind of integration are you talking about? Do you plan to release a SOAR token on the BSC blockchain? And if such a token appears, will there be any changes to the tokenomics?I mean the clause on blocking liquidity
0xDev: We are working on the BSC integration, and at the moment, we are in the testing phase. The development is complex because to avoid supply inflation, a cross-chain bridge is necessary.
The Bridge allows users to migrate their SOAR BSC token to SOAR ETH to benefit. Also, it doesn’t affect the supply of SOAR on ETH. It still maintains the same max supply but controls the token supply on the BSC while migrating. Liquidity tokens will be locked as well.
The main target is to have users from BSC buy tokens and move to the ETH chain to benefit from NovaPad and frictionless rewards not included in the BSC token smart contract.
0xDev: No, you can connect to the Network Observer in various manners. But you can remain anonymous, as stated earlier we believe in anonymity for all crypto users 🙂
D. Папа Роуч: and i can imagine that after BSC integration you are looking to integrate some other chains as well? Dot, Cosmos etc?
0xDev: Sure, but it all depends if those projects will survive in the long run. At the moment we are focused on chains that have a clear established future. It doesn’t mean anything bad about other chains:)
D. Папа Роуч: gotcha! 👍 appreciate for answer! ready for the last question from this part?
Gold Rocket | Satoshi Club: thanks a lot for the answers😊
0xDev: Yep
Q6 from Telegram user @Highpee
You have an upcoming product which is you called the NovaPad. I read that this product will be a special launchpad for launching community curated projects. However to access sales on the launchpad, users will need another token called $SOARX in order for them to have a guaranteed whitelist spot. Since your first token $SOAR didn’t have a presale, how do you intend to distribute the $SOARX and what amount of it will be needed to partake in NovaPad projects? What type of projects can launch on NovaPad and how will these projects be screened in order to ensure that the community are not exposed to scam projects from bad actors
0xDev: SOARX will be the utility token for our upcoming token launchpad (NovaPAD). NovaPAD will be a framework to launch community curated projects comparable to Polkastarter, where users decide by voting with SOARX tokens the projects launching on the platform. SOARX token will be farmed with SOAR/ETH liquidity or by staking SOAR according to data that we will provide as we get closer to the launch. To give a simple answer on how SOAR benefits from SOARXs presence: To farm and own SOARX, which gives you the right to vote & participate in NovaPAD sales, you need to provide SOAR/ETH liquidity. You can’t add SOAR/ETH liquidity without holding SOAR.
Each project will pass special requirements that cannot be public for security reasons and avoid bad actors abuse or exploit the condition.
SOARX will also function as an “Insurance Fund Token” for all SOAR.Fi products.
D. Папа Роуч: sounds cool! we will be follow your update then😉
0xDev: I hope you are excited about SOARX now 🙂
D. Папа Роуч: we are!
Gold Rocket | Satoshi Club: Thank you very much for the clear answers! 👍
D. Папа Роуч: btw when exactly are you planning to launch NovaPAD?
Gold Rocket | Satoshi Club: It really delightful😉
0xDev: No exact date because we have the live roadmap available on https://soar.fi/roadmap where you can track the progress of each product in realtime!
Part 2 — live questions from the Telegram community
Q1 from Telegram User @Johana0012
SOAR.FI aims to solve the essential problems investors face when engaging with their liquidity funds. From the smooth exchange of liquidity from one project to another to the absorption of small and mid-cap projects, SOAR will provide a framework to enable these actions. How does the migrator tool help to faithfully fulfill this central objective? Is the benefit of the migrator contract mutual or is only one party benefited?
0xDev: SOAR.FI aims to solve essential issues investors face when they engage with their Liquidity Pools while also building an increasingly liquid ecosystem.
On top of that, the Migrator Contract can help countless projects repay their investors by getting absorbed in SOAR, a net win-win for both X_token’s community and current SOAR token holders.
By being a LP using the LM or manually providing liquidity, you will benefit from SOARX and NovaPad features. You can’t have that without that because SOARX will not be traded officially on Uniswap
Q2 from Telegram User @amozee77
How many tokens does SOAR have and where can we get them?
0xDev: Max Total Supply: 10,000,000 SOAR
You can buy here: https://app.uniswap.org/#/swap?inputCurrency=0xbae5f2d8a1299e5c4963eaff3312399253f27ccb
Q3 from Telegram User @jizellu
The liquidity means the life for a project. The more liquidity project had, the more alive project is..
My question is how does Decentralized Spot trading works and how do you ensure that there’s enough liquidity for trades for liquidity?
0xDev: NovaPad was introduced to incentivize users to provide liquidity to the SOAR/ETH pool and build an ecosystem around SOAR token. Liquidity will be boosted thanks to LP farming and staking that will be added later on.
Q4 from Telegram User @budykarebet
We have witnessed that many projects initiated with inexperienced team members fail due to easily preventable and simple mistakes. Are the experience and career of your team enough to avoid simple mistakes? What are the data that will make us trust your team?
..and what is the strategy used by you project to attract new users and investors and keep them in the long tern?
0xDev: Our team is anonymous because we believe it as a right and a necessity for the future of decentralized finance. Our members are experienced crypto project developers and leaders, and we didn’t partner with Hacken for no reason… We are meticulous and fully dedicated to making SOAR develop at its best.
Q5 from Telegram User @Ambbobb
Are you still working on the mobile application or you only designed it for desktop users only because I tried to make use of the liquidity migrator tag on your website on my mobile phone but couldn’t connect to wallet on my mobile phone.
0xDev: The LM is optimized for mobile version, but you have to use a WEB3 browser that supports MetaMask or trust wallet. The best will be to use the built-in MetaMask browser for that.
Q6 from Telegram User @kimzyemma
When I check this link you sent about hacken.io (https://hacken.io/wp-content/uploads/2021/01/SOAR_SC_Audit_Report270121.pdf), I could only see ERC-20 token with specific functionality. Since you are also working on BSC integration why not stated there?
0xDev: The audit was done some months ago, but we will audit the BSC smart contract once all is ready of course.
Q7 from Telegram User @Indomiekuy
On your telegram I read that you aim to become the Black Hole of DeFi. Can you explain what do you mean by this? Black Hole mean very strong gravity that no particles or light can escape from it, is that mean you want grab all attention in DeFi into you?
0xDev: Exactly! SOAR & Liquidity Migrator primary purpose is to merge residual liquidity across Uniswap and become an ever-increasing liquidity shelter for the Ethereum community.
Q8 from Telegram User @MM_carlos
Soar offers a “Transparency Report” where it is reported that there was no previous fundraising of SOAR tokens (presale, VCs), which is strange because it is very common for projects to do a presale to raise funds from development, where did SOAR get the funds without resorting to a pre-sale and who was responsible for the initial financing of SOAR?
0xDev: Our vision was to build a project from the ground up into something with a high impact and significance in the DeFi ecosystem. It also made no sense to market our product as a “Liquidity Absorber” and raise money for liquidity. Even if we knew it could turn out to be a bumpy road, we decided to cover the initial expenses and start from the ground up as we strongly believe in the team we’ve assembled to build the products. So far, it exceeded our expectations, and we are pleased to have a healthy and organic foundation built before we launch our main products.
Q9 from Telegram User @dianairlangga
one problem with the DeFi platform is that it faces high transaction fees, which unfortunately can destroy the profits of small investors, so what solution does your project offer in this regard? Is there a way to save on our commissions?
0xDev: Yes, we are actively working on BSC integration and the Cross-chain bridge that should be available very soon!
Soar Frictionless rewards are another great feature that saves our investors from huge transaction fees because all rewards are frictionless, no need to claim or stake! Just HODL.
Q10 from Telegram User @amirshehzad12
What is the most ambitious goal of your project? I would appreciate it if you could share with us any Upcoming Updates?
0xDev: Our aim is to become a continually expanding liquid ecosystem. We want to develop the best version of our products, raise the adoption of the Liquidity Migrator and launch successful projects through the upcoming launchpad.
Part 3 – Quiz Results
In the final part we tested your knowledge in terms of Showcase. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.
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