Hello, Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Bagels and our guest was @foxleee – Project Lead & Product Architect at Bagels Finance. The AMA took place on 20th of May.

The total reward pool was 500$ and has been split into 3 parts.

In this AMA Recap, we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Website

Gold Rocket | Satoshi Club:
Hello, dear community!

Mihai Pisica:
Hi everyone here! Satoshiers and Bagels!

Fox Lee:
Yay!

Gold Rocket | Satoshi Club:
We conclude our today’s AMA marathon series with Bagels.

Today our guest is @foxleee!

Mihai Pisica:
Our guest for today’s ama will be our friend Fox Lee: Project Lead & Product Architect, @foxleee

Fox Lee:
Hello everyone from Satoshi club.

Gold Rocket | Satoshi Club:
Hello and welcome to Satoshi Club

Mihai Pisica:
Welcome Fox )

Fox Lee:
Thanks @MihaiPisica

Mihai Pisica:
It’s an honor for us, we are happy to have you here, how are you?

Fox Lee:
I am good today, market recovers 😉

Mihai Pisica:
Good news indeed!

Fox Lee:
Hope you guys bought the dip 😉

Mihai Pisica:
😊

Mihai Pisica:
How we could omis that? 😁

Fox Lee:
Exactly hahha.

Mihai Pisica:
Real experienced crypto lovers knows to think positive and fruit all the situations )

Our community is excited for this AMA and want to know more about you, could you give us a short introduction about you?🙂

Fox Lee:
Hello everyone, I’m Fox, Project Lead & Product Architect at Bagels Finance, I’ve been working as a product architect since 2017 when Bitcoin entered the first year of the bull market, I founded a cryptocurrency hardware wallet company HooFoo in Silicon Valley, I was the co-founder & CTO, it was the first hardware wallet in the Chinese blockchain space. When crypto space entered the bear market in 18/19, I worked as CTO of Umining, a NASDAQ-listed mining company in Silicon Valley, I was responsible for product development and architecture. In the past 4 years, I have been ALL IN Blockchain. Before engaging in the blockchain domain, I was working in Google and Intel as a software developer, from 2014 to 2016, I had been studying blockchain technology from then and from 2017, I started to ALL IN blockchain, in my opinion, blockchain is the future, so I left Google and started my business in the blockchain field.

Love the blockchain world.

Mihai Pisica:
We too 😁

Awesome background here!

Fox Lee:
😊

Gold Rocket | Satoshi Club:
Wow! great experience👏👏

Mihai Pisica:
How did you get to be involved into Bagels project?

Fox Lee:
First of all, I am very optimistic about the future of decentralized finance, I’ve been all in in Defi since June 2020. Uniswap’s AMM model started this Defi craze and it can generate real profits for projects. Some leading projects in DeFi, like Compound and AAVE, in the past year, their TVL reached over $100 million. This is completely different from the blockchain era in 2017/2018.

I have similar visions and Bagels finance is a talented team of Defi believer, so why not give it a go?

Gold Rocket | Satoshi Club:
Yes! DeFi is the absolute trend of this crypto season👍

Fox Lee:
Yes we believe Defi is here to stay.

Gold Rocket | Satoshi Club:
Wonderful motives unite like-minded people.

Mihai Pisica:
What is the essence of Bagels, btw?

Fox Lee:
Bagels Finance is the first cross-chain leveraged yield farming protocol based on Ethereum, BSC and HECO. Users can deposit ETH, WBTC, USDT, DAI, BNB, HT and other assets into Bagels smart contracts to earn high APY; Bagels aims to provide users with up to 10x leverage to earn the higher APY in DeFi liquidity farming market through strategically interacting with multiple DeFi products for farming. It provides better liquidity for Ethereum, BSC and HECO ecosystems.

For those who love higher APY and can take on additional risks:)

Mihai Pisica:
We have some in our community ) Would you love to answer their questions?

Fox Lee:
Excited for the questions:)

Gold Rocket | Satoshi Club:
Thanks for the great intro!

Q1 from Telegram User @andrey_seleznov
Could you please explain how Bagels simplifies the transaction process? You say users will only need to collateralize one asset to the liquidity pool for yield farming, no LP staking is required. What will be the second end of the pair, a bagel? Does this mean that if bagel price goes up user will suffer losses if he exist the farm?

Fox Lee:
This is a great question.

Users do not need to deposit two assets into the LP pool at 1:1 ratio, they only need to deposit one asset to start yield farming. For instance, if users select the ETH/USDT li-quidity pool, users can farm by just supplying ETH. The Bagels system will automatically swap the tokens to make sure users have equal value of both USDT and ETH to supply to ETH/USDT pool on Dex.

Depending on the pool you choose and which asset you are staking.

The leverage you chose as well as the relative volatility of the assets.

Mihai Pisica:
Will it be possible to farm using purely stable coins pairs?

Fox Lee:
One can always put in more funds to avoid being liquidated.

Yes, we will allow that a bit later but with that you can leverage more times

Mihai Pisica:
So, you have it fixed in your RoadMap, right?

Fox Lee:
Yes, we have a team of financial experts to come up with financial strategies that will yield the highest APY.

Will balance risk and rewards.

Mihai Pisica:
Btw, how big is your team?

Gold Rocket | Satoshi Club:
Who is on the project team core?

Fox Lee:
Now we have roughly 15.

7 core members.

Gold Rocket | Satoshi Club:
Are you public or anonymous?

Fox Lee:
we are all public tho i am using a cartoon pic hahah

Gold Rocket | Satoshi Club:
This is a beautiful picture😍

Fox Lee:
Yours too😁

Gold Rocket | Satoshi Club:
Thank you very much for your answers! Ready for the next question😁❤️

Fox Lee:
Yes.

Q2 from Telegram User @yellowchamp
Bagels protocol based on HECO/BSC/ETH. It aims to provide users with up to 10x leverage to earn the highest APY in DeFi liquidity farming market through strategically interacting with multiple DeFi products and staking assets for farming. So how will your platform integrate multiple Defi products? What Defi products are you going to interact inorder to achieve what your aiming? Bagels is based on HECO/BSC and Ethereum network, do you have any plan to integrate more network in the future for traders and investors will have more options especially with taking transaction fees? If yes,what network would it be? Thank you

Fox Lee:
Wow there are a lot questions in one,, let me answer one by one.

Gold Rocket | Satoshi Club:
Take your time😉

Mihai Pisica:
Satoshiers love to make complex ones 😁

Fox Lee:
Firstly we picked HECO/ BSC/ ETH as these are popular networks among Asians and BSC/ HECO are forks of ETH basically and so in terms of developments it is relatively simple.

We are integrating different yield farming strategies on our platform.

We wont integrate the products themselves on us.

DEX, lending protocol, vaults we will work with them via the whitelist.

Hope it answers your question.

Mihai Pisica:
Yep, everything clear to me )

Gold Rocket | Satoshi Club:
Great answer! by the way, would you like to share your roadmap with us?

Fox Lee:
As a matter of fact, we have multiple contracts deployed, Orbits finance + Bagels to give us good liquidity. Dokodoa + Bagels to achive cross chian mining, another future product called Angle + Bagels to mine pos assets. And much more! Have also deployed our flash loan contract on heco as an example

Fox Lee:
Adding one example 😉

Yes we are planning to launch our product by end of this month

Gold Rocket | Satoshi Club:
Don’t forget to share with Satoshi Clubbers😉

Fox Lee:
Hahah sure, also we have our audit report ready

For dokodoa cross chain solution, we are aiming for July 💪

Gold Rocket | Satoshi Club:
Yes, this is our gold standard!😁

Fox Lee:
Love the gold standard 😉

Gold Rocket | Satoshi Club:
Thanks for your answers! Ready for the next question?

Fox Lee:
Yes

Q3 from Telegram User @NataliyaKil
Bagels’ LP pool has 6 lock-in period options, which are 0 days, 7 days, 15 days, 30 days, 60 days, and 90 days. Earnings will be boosted by 25% per cycle.
What happens if the user withdraws the LP token before the period ends and if on time? Can you tell us more about the Bagels LP pool?

Fox Lee:
Users’ earning can only be boosted by the corresponding % if the lock-in period > each milestone

Say if one withdraws at day 10, he/ she gets 25% boosted returns

If he/ she chooose 7 days period

If he/ she chooses 15 days, there will be 0.5% penalty

0.5% of the transaction fee

Gold Rocket | Satoshi Club:
Thanks a lot for the clarification!👍

🍩 By the way why did you call the project Bagels?🍩😁

Fox Lee:
Becoz we love Bagels hahah.

With cream cheese and smoke salmon 😉

Gold Rocket | Satoshi Club:
Me too 🍩😍

Gold Rocket | Satoshi Club:
Let’s proceed to the next question🚀

Q4 from Telegram User @Arisabela
Bagels is bringing a proposition to optimize the trading process to maximize liquidity farming positions and the APY. But doing Yield Farming comes with risks like attacks and fraud due to vulnerability in the smart contracts, high fees and price volatilities, how do you expect to mitigate all these risks?

Fox Lee:
That is def the most important question.

Firstly we have done 2 audits, one with knownsec, another one with certik.

To ensure there are no bugs in the smart contract as much as we can.

These are the type of risks for some audiences’ references.

-Impermanent loss: As you’re providing liquidity on a decentralized exchange, such as Mdex, Uniswap, SushiSwap or Pancakeswap, you will face the risk of imper-manent loss;
•-Risk from Short positions: Assuming that the price of ETH increases, it will cause the value of your position to decrease. When leverage is used to establish a posi-tion, you borrowed ETH, i.e. shorting ETH. Therefore, when the price of ETH in-creases against USDT, the value of your position may decrease, which may trigger the liquidation; and vice versa.
-The potential risk of contract vulnerabilities may also lead to hacker attacks;

We limit the leverage of some pools esp for those involving more volatile assets.

And wont include the less traded volatile assets.

For high fees, as we started with HECO and BSC and so it is okay 😉

Mihai Pisica:
Are there some vulnerabilties they have found and should more work on it?

Fox Lee:
This is the report from Knownsec we have very solid codes.

Certik gave us 92.4 out of 100.

Gold Rocket | Satoshi Club:
Wow! this is a high mark! Congratulations🎉

Fox Lee:
Thanks:)

Mihai Pisica:
High-scores!

Gold Rocket | Satoshi Club:
Do you want to add something or we can proceed to the next question?

Fox Lee:
Maybe this, that is good, next question

Mihai Pisica:
💪

Q5 from Telegram User @nadee5
Dokodoa which means “anywhere door” is an unique secure and decentralized cross chain protocol found in Bagels Finance .
Why did you select such name for this protocol ?
Can you please tell us more about Dokodoa ?
What are the functions of Dokodoa within Bagels Finance ?
How does Dokodoa facilitate the user ?

Fox Lee:
Have you watched the cartoon doraemon.

Gold Rocket | Satoshi Club:
Thanks for sharing! And also thanks for caring about this aspect of the project 👏👏👏

Fox Lee:
Hahah we watched that when young and dokodoa means freedom to us from a young age

Mihai Pisica:
Me no …

Fox Lee:
It is from Japan.

A robot cat, hahah like AI.

Aahahahah exactly.

The cross-chain protocol is called Dokodoa, It means “Anywhere Door” , which implicates that multi-assets can use Dokodoa to achieve not only cross-chain interoperable asset interaction, but also smart contracts interaction.

Gold Rocket | Satoshi Club:
You are not only smart, but also funny guys. 😁

Fox Lee:
This allows for cross-chain yield farming, as well as cross-chain vault. This can allow us to come up with a lot more financial stategies for yield farmers to maximize APY

Dokodoa is a secure and decentralized cross-chain solution, it is composed of state oracle and cross-chain bridge smart contracts. It can support multi-chain that includes signature algorithms using ECDSA and EDDSA, such as Ethereum, HECO, BSC, OKex Chain, Polkadot, etc.

So one can do a lot with it.

e.g. Users are able to complete the de-posit and cross-chain swap in one-click. It eliminates the need to switch between different public chain network settings.

The user would interact with Dokodoa contract on Ethereum, for instance, to initiate a token deposit to the custodial account. The cross-chain bridge will automatically monitor the user’s transaction and trigger the cross-chain mapping process to generate 1:1 wrapped assets on the corresponding chain.

Save a lot of gas fee too.

We will let satoshi clubers know once it goes online and so you guys can experience the advantages.

Mihai Pisica:
So much technological terms, it seems you are really strong and focused on it!

Gold Rocket | Satoshi Club:
we will look forward to this moment.👍

Fox Lee:
Haha i know you guys are a tech community.

Mihai Pisica:
Yep, we aim to do the best for the bests!

I got clear to this question ) Would you add something more or we can move further?

Fox Lee:
Let’s move to the next.

Q6 from Telegram User @victorogb
From one of your recent twitter post, Flybit WoW will host the Bagels finance token sale coming up in a few days time (24th May, 2021). According to Bagels finance and Flybit WoW, this event will be in two rounds. Can you graciously provide us with relevant and useful information with regards to this memorable event, how can investors participate, what are the requirements for each round of the token sale? Why choose Flybit WoW, what is the essence of your unique partnership?

Fox Lee:
We are excited to work with Flybit as our korean partner, they are our investor and they have been helping us to enter the korean market smoothly, which is one of big markets.

We are actually postponing the IDO as we are doing another round of audit before launching the product to ensure extra layer of safety.

The market is digesting the dip lately and we think it is better to let the market smoothen out before we do the IDO.

Pls stay tuned and we will let you guys know once the new date is up.

Finished here.

Mihai Pisica:
What are your other partners?

Fox Lee:
We will keep the mystery now but will announce to everyone officially soon.

Mihai Pisica:
Ok, got it )

Part 2 — live questions from the Telegram community

Q1 from Telegram user @NataliyaKil
Bagels Finance announced a key strategic partnership with MetisDAO that will allow both organizations to deliver better applications as for their users. MetisDAO allows developers to easily build decentralized organizations and applications on the Ethereum blockchain cheaper, faster and with more scalability and functionality through its simple dApp creation platform. As I understand it, this is a mutually beneficial partnership? How can Bagels Finance and MetisDAO support each other within the framework of this partnership and what problems do they help to solve?

Fox Lee:
Yes thanks for following our news!

They are encouraging Dapp development to build on Metis and we are Defi App and so we can a natural match.

Q2 from Telegram user @SPAZEEEE
Can you explain what makes your project superior to other projects? And what is the deadly strategy you used in your project to win the competition with other projects?

Fox Lee:
Sorry we are biased and we def think our product is more superior thus we build it, we are not just a leveraged yield farming protocol but we also allow cross chain smart contract interaction.

So there are more strategies we can play around 😉

Give me one min, brb.

Q3 from Telegram user @Aqillaa
I have seen too many good projects fail to execute because the development team was rewarded with many awards before even submitting anything useful. This is human nature. But what are the plans for further expansion in the future, can you explain?

Fox Lee:
I get it, I entered the crypto scene in 2017 and def have seen a lot.

Def we wont go for short term profit only and ruin our reputations
with a project like us, we make profits from each transaction on our platform (unlike some project during ICO bubble).

So there is a lot more potential than just raise fund and run.

Q4 from Telegram user @Antonmedan13
Usually an investor invests in a project to get a high return. How does your project convince about it, how does your project actually guarantee better returns in the long run for investors?

Fox Lee:
We need to keep helping our yield farmers to maximize APY for them to come back, so we are driven to deliver.

Q5 from Telegram user @Rony629
What are the main targets, partnerships that trying to achieve in the near future? and do you already have collaborative connections with strategic partners in the crypto world?
Also Security is a major problem in crypto space!
How do you solve these problems?

Fox Lee:
Yes we had a few partnerships like orbits finance on HECO, black ocean, Metis and many in chat, pls stay tuned.

Q6 from Telegram user @liamnoah456
What problems is your project trying to solve to make Crypto users easier? Let us know how the road map is currently progressing. What will happen this year and in the future?

Fox Lee:
For now Defi users are mostly crypto native ones due to the education costs to enter, we are going to do educational tutorials to make Defi easier for regular users.

Q7 from Telegram user @andrey_seleznov
Website mentions that 40% of the Bagel revenue will be distributed to each DAO boardroom members of Bagels proportional to their shares of dBAGEL. Will anyone be able to become DAO boardroom member? What are the requirements to join the boardroom? What functions will be available to the boardroom members?

Fox Lee:
Yes, BAGEL is the native governance token of Bagels Finance. Token holders can deposit their BAGEL into Boardroom smart contract and join Bagels DAO governance.

Q8 from Telegram user @jennifer2565
COVID 19 has slowed many economies around the world but as a crypto business has it affected you negatively or positively? Secondly, are you still on track to achieve your targets as the road map says???

Fox Lee:
Yes hope everyone is staying well, covid has likely make people more focused.

Also as US fed printed 25% of the money circulating, it affects the entire economy globally, people turn to crypto to hedge risk.

Q9 from Telegram user @arboledae
Do you plan to take into account the opinions and suggestions of the community? That being how you will do it?

Fox Lee:
Yes going forward we will allow our DAO members to vote for proposal, this is the spirit of decentralization.

Q10 from Telegram user @johnabraham999
Is there any chance that your project may be integrated with NFT? Will you provide more features in future to get long term success?

Fox Lee:
Yes we are planning to launch BAGEL tokens of different kinds, what are your fav Bagels? with cream chesse like us? or butter? NY style?

Part 3 – Quiz Results

In the final part, we tested your knowledge in terms of Bagels. They’ve prepared 4 questions for this part. The total reward pool for the quiz was 300$.
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