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 BitBerry and our guest was Ryu, CEO of Monstercube & Bitberry, and Harry Kim, Marketing manager of Bitberry Finance. The AMA took place on 11 February.

The AMA session was divided into 3 parts with a total crypto reward pool of 500$

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

Part 1 — introduction and questions from the Telegram&WebSite

Gold Rocket | Satoshi Club:
Hello, dear Satoshi Clubbers!
We are pleased to announce our AMA with BitBerry😊

Andrés M. | Satoshi Club:
Hello community, I’m happy to be here with you, today our guest is @BitberryRyu welcome 😃

Ryu:
Hello nice to meet you. Im Ryu, Ceo of monstercube and Bitberry. From south Korea.

Gold Rocket | Satoshi Club:
Welcome to Satoshi Club, @BitberryRyu.

Andrés M. | Satoshi Club:
How are you Ryu?

Ryu:
Happy to participate Satoshi AMA.

Gold Rocket | Satoshi Club:
We are very happy to have you here today too! 👍

Andrés M. | Satoshi Club:
It is an honour for us to have you here

Could you tell us a bit about you and about Bitberry project?

Ryu:
Sure of course

I’m Ryu, CEO of Monstercube & Bitberry. I’ve been working as entrepreneur from 1999 to launch and exit many startups.I have successfully run several game companies and IT companies, and have various entrepreneurial experiences in Korea.

From the mid-2010s, SKtelecom, Korea’s largest telecommunications company, issued coupons and transferred the development and operation of Syrup Wallet, an advertisement application, to Monstercube, which is now the company, for successful operation.

In order to incorporate crypto using SKtelecom’s user base, Syrup is being rebranded and operated under the name Soda Play. Soda is a coin currently listed on Bithumb Korea. And I acquired Bitberry Wallet from Upbit in 2020 for Soda’s offline payments, asset management, and custody.
https://www.coindeskkorea.com/news/articleView.html?idxno=70411

I think the future of finance will be in Defi, but there are still many users who have difficulty using it due to lack of infrastructure. So, Bitberry Finance was born together for the growth of Cefi and Defi.

Bitberry Dex, which is scheduled to be launched, is the first DEX to be opened in Korea. In order to solve various regulations, tax issues, and KYC issues that are scheduled in the future, most users in Korea are expected to flow into Bitberry DEX.

Gold Rocket | Satoshi Club:
Wow! Excellent background !!!👍

Andrés M. | Satoshi Club:
@syncw Welcome to the AMA, can you talk?

Harry | Bitberry Finance:
Hello Thanks for having me here!

I’m Harry Kim (Marketing manager of Bitberry Finance) and have 5 years experience in the cryptocurrency market. I began falling in love with getting stronger gravity of DeFi wave. As of now, I also work as advisor and researcher of other DeFi projects.

Andrés M. | Satoshi Club:
What is Monstercube?

Gold Rocket | Satoshi Club:
We are glad to have you in Satoshi Club! Join us! Tell us a little about yourself 😊

Harry | Bitberry Finance:
Monstercube is the company that operated a restaurant curating service called Syrup (rebranded as SODA) from SK telecom, Korea’s largest telecommunications company. This service is used by 10 million customers (25% of Korean citizens).

Based on this huge number of users, the company has been earning record-breaking revenue by various advertisement. Because of this revenue, Monstercube acquired Bitberry by paying a significant amount of money from Upbit. Sales basically consist of funds such as advertising revenue through SODA and equity investments from various sources.

Andrés M. | Satoshi Club:
Nice to meet you Harry, how many time have you been involve in Bitberry?

Thanks for the info😃

Harry | Bitberry Finance:
Since the beginning, I’m in.

Gold Rocket | Satoshi Club:
Indeed Defi is a hot topic today!

🔥🔥🔥

Andrés M. | Satoshi Club:
@BitberryRyu Could you tell us how many people make up the Bitberry team and how did they come to choose this curious name? 🤔

Harry | Bitberry Finance:
For your infomation, I am also investor of MDEX lol.

But not topic today 🙂

Andrés M. | Satoshi Club:
Are you all in on DeFi or do you support some CeFi projects too?

Gold Rocket | Satoshi Club:
Maybe next time 😉

Harry | Bitberry Finance:
I am kinda DeFi maximast but use CeFi and Futures as well.

Ryu:
Around 50 people participate in bitberry.

We have 3 dev team , each team have leader and team members.

1st dev team : bitberry wallet, dex, yield farming
2nd dev team : Vault product, integration between defi project,
3rd dev team : focusing combined asset like synthetix

Cs center, marketing team, totally around 50

Andrés M. | Satoshi Club:
Wow a big team.

Ryu:
Bitberry is bit+strawberry.

Easy to use like eating strawberry.

Gold Rocket | Satoshi Club:
As far as I know, you are quite popular in your country.

Ryu:
Yes. Bitberry is originally subsidiary of Upbit, no.1 crypto exchange in Korea.

So all of user base are from users of Upbit.

Andrés M. | Satoshi Club:
So attractive for investors, everyone love strawberries 🙂

Gold Rocket | Satoshi Club:
I hope today’s AMA will add you fans 😉

Ryu:
Monstercube acquired Bitberry in 2020 for further expansion.

Gold Rocket | Satoshi Club:
Well friends! Thanks for the great intro! ready for community questions?

Ryu:
https://www.coindeskkorea.com/news/articleView.html?idxno=70411

Sure🤝🤝

Andrés M. | Satoshi Club:
Let’s go

Q1 from Telegram User @KevSalom
Bitberry incorporates two very important tokens $BBR and $fBBR. Can you explain us what function each one has? Also I could read that you will impose penalties if the $fBBR is lost. What is the reason for this if it is supposed to be minted indefinitely?

Harry | Bitberry Finance:
First of all, FarmBBR token($fBBR) is new concept in liquidity farming that will allow the users to securely save their original asset. fBBR Token is solely used to participate for the liquidity farming in Bitberry Finance.
Users of Bitberry wallet can exchange their tokens with certain ratio to earn FarmBBR token to participate in liquidity farming. FarmBBR token has similar concept to y~ tokens from Yearn, or c~tokens from Compound. Exchanging other tokens to earn FarmBBR token does not mean that it is a permanent exchange. Users can exchange their FarmBBR token back to their original asset that was staked(exchanged) at any time. All the staked tokens will be securely saved under Bitberry wallet.

Unlike other DeFi platforms’ governance token, Bitberry Token (BBR) will be supported with various utility, which will provided the connection between Bitberry’s DeFi and CeFi platform.

BBR will be used as a fee of Bitberry wallet. In the future, when the users select BBR as a transfer fee, they can get a 50% discount in token transfer.
In addition to transfer fee discount, if the users use CeFi fund product(Deposit & Earn) that runs within Bitberry wallet with BBR, they can get a 50% discount from operation fee.
Vault strategy contract will include BBR-only Vault contract which will require BBR to participate.
Bitberry Smart Farm with the concept of proxy farming in the future, lower-level farmers can be hired only by depositing BBR. The users need to hold certain amount of BBR in order to earn commission from sub farmers as additional bonuses, which can lead to bigger rewards in the future.
In the tentatively named BBS (Bitberry Season 2), LP supply using BBR would accelerate the farming up to 1.5 ~3 times faster than regular farming. therefore, holding a certain amount of BBR at all times will be a way to secure the rewards from Bitberry Smart Farm and Bitberry Season 2. The users should own a BBR equivalent to at least 10,000 USDT in order to gain an edge in the proxy farming conducted at Bitberry Smart farm.

Andrés M. | Satoshi Club:
It is like a swap between $FBBR and $BBR?

Ryu:
Fbbr is the name used when soda coin is used in Bitberry finance.

Harry | Bitberry Finance:
fBBR is minted (swapped) by SODA token.

BBR is farmed by fBBR.

Ryu:
People can swap Soda coin to fbbr.

Harry | Bitberry Finance:
The reason why we induce ppl to use Soda to fBBR is there are thousands ppl who has Soda and used in real life.

Andrés M. | Satoshi Club:
For example how many BBR tokens can I farm if I have 1000 $fbbr or there is a minimum amount of tokens required??

Harry | Bitberry Finance:
Make Soda user to get into farming BBR.

Depends on the reward of each farming pool and its block reward rate.

We have several farming pool at the moment and will introduce more various pools in near future with different farming reward rate.

Andrés M. | Satoshi Club:
Thank you, so clear 💪

Gold Rocket | Satoshi Club:
By the way, share please BitBerry tokenomics with us.

Harry | Bitberry Finance:
Total Supply: 3,000,000 BBR (100%)

Liquidity Farming: 2,800,000 BBR (93.3%)

Dev: 200,000 BBR (6.7%)

Ryu:
Quite simple compared to others. It can be get from yield farming now.

And BBR token have lot of utility like this.

Andrés M. | Satoshi Club:
Thank you for the answer, anything else to add or can we proceed to the next question?

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

Harry | Bitberry Finance:
We used to have 3000 eth TVL

Now around 1500~2000 eth.

Getting slowly increased.

Andrés M. | Satoshi Club:
TVL?

Harry | Bitberry Finance:
TVL is total locked value which indicates the current size of DeFi.

Andrés M. | Satoshi Club:
Oh thanks.

Gold Rocket | Satoshi Club:
Slowly but surely👍

Andrés M. | Satoshi Club:
Yes, less risk for a big project like that.

Ryu: https://info.uniswap.org/pair/0x6a475Be9D494f80218138C2280F9b4B42a309795

Gold Rocket | Satoshi Club:
Ready for the next question?😊

Harry | Bitberry Finance:
https://www.dextools.io/app/uniswap/pair-explorer/0x6a475be9d494f80218138c2280f9b4b42a309795

Andrés M. | Satoshi Club:
Let’s check these links Satoshi Club community 👏😃

Ryu:
Unlike other defi projects, Bitberry is based in strong ground.

Sure.

Gold Rocket | Satoshi Club:
@AndresM77 shoot🚀

Andrés M. | Satoshi Club:
Q2 from Telegram User @AmirJosh
Bitberry Finance is a DAO that are creating safe, easy, and profitable DeFi platform with merging pros of CeFi platform. Can you tell us what are the positive side of CeFi platform will Bitberry adopt and use in the project?

Harry | Bitberry Finance:
Still, there are many ppl who are not familiar with DeFi projects.

Gold Rocket | Satoshi Club:
That’s why there are such educational projects as Satoshi Club 😉

Ryu:
The most important thing is:

Helps people who are difficult to use to use easily. Cefi greatly reduces the difficulty for Defi.
It also performs security insurance. Many defi projects have rugpool-like problems. The Bitberry platform is ready for it. The problem with DeFi is that no one wants to take responsibility for security, but Bitberry takes responsibility for security.
Cefi promotes safe and easy use while avoiding regulations and kyc risk, which are the advantages of Defi.

Bitberry is Cefi + Defi.

Cefi is running on Bitberry wallet, people can download at appstore, playstore.

Gold Rocket | Satoshi Club:
Safety first!

Ryu:
Defi is running on Bbr.finance.

Bitberry have both.

From newbie to Defi fan, bitberry cover all users.

Andrés M. | Satoshi Club:
https://play.google.com/store/apps/details?id=com.rootone.wallet&hl=es&gl=US this one, right?

Ryu:
Correct.

You can download at apple appstore too.

Andrés M. | Satoshi Club:
Yes https://apps.apple.com/co/app/bitberry-safe-wallet/id1411817291

Gold Rocket | Satoshi Club:
I will definitely test this 😉

Ryu:
Indeed, vault investment is quite difficult for some ppl. Cefi support that part. It is also large part of crypto market too.

Andrés M. | Satoshi Club:
I’m still learning about DeFi, it is a complex term but with multiple use cases.

@BitberryRyu @syncw btw The high gas of the ERC20 network have represented any problem for the liquidity of the project?

Harry | Bitberry Finance:
Yes, we also see there is concern of rising gas issue in Ethereum network.

We can’t disclose everything right now, but we’re working on development with various network chains (platforms) in mind.

There are also considerations for exchange platforms, and things like dot and avax as well.

Ryu:
Yes gas fee is big problem. Team discuss lot for this issue.

But with raising price of ETH, lot of staking demands from korean market. Bitberry finance will absorb all of market demands. Because it is first and only Cefi+ Defi project from Korea.

Andrés M. | Satoshi Club:
Sure, it has been a big problem for projects and traders.

Great, next question is coming, are you ready?

Ryu:
Sure.

Gold Rocket | Satoshi Club:
Thanks for the answer!👍

Andrés M. | Satoshi Club:
Q3 Telegram User @Gutike95
You mention that BitBerry “provides payment solutions that can be easily applied online and offline”, which is great, but will it be compatible with any type of wallet? or only with your app?

Ryu:
Do you know Samsung?

Andrés M. | Satoshi Club:
Yes.

Ryu:
Samsung have blockchain wallet. And soda is listed that wallet.

100% of korean can use easily with samsung wallet.

Samsung is one of top global company. Ranked 1 company in Korea.

Gold Rocket | Satoshi Club:
It is very convenient! I want it too😁

Ryu:
And Soda can be swapped in Fbbr. This can be linked to Bitberry finance too.

Andrés M. | Satoshi Club:
Is that Blockchain wallet only for Korea?

Ryu:
Samsung wallet and Bitberry wallet.

That can be used foreigners too.

Lot of Vietnam users already use that.

Gold Rocket | Satoshi Club:
As far as I understand, you already have full mass adoption in your country. 🚀🚀🚀

Ryu:
So other countries ppl can buy lot of product in korea without any regulation.

With Bitberry wallet.

Gold Rocket | Satoshi Club:
Sounds great👍

When ppl visit Korea, ppl can order freely through Bitberry wallet.

Harry | Bitberry Finance:
SODA and BBR are the closest blockchain project to real life in Korea.

Gold Rocket | Satoshi Club:
Wow! it is very convenient!👏👏👏

Harry | Bitberry Finance:
Real-life friendly project.

Andrés M. | Satoshi Club:
It would be great to use it in other countries, are you planing to launch it for european markets?

Ryu:
At the first, southern eastern market is next target. Other market is planned too.

Gold Rocket | Satoshi Club:
Thank you very much for your answers! Want to add something or are you ready for the next question?

Ryu:
Sure ready.

Andrés M. | Satoshi Club:
Q4 from Telegram User @garrinepotter
How can we track statistics on your token? What crypto trackers have BBR added to and which one would you recommend to use?

Harry | Bitberry Finance:
https://www.dextools.io/app/uniswap/pair-explorer/0x6a475be9d494f80218138c2280f9b4b42a309795

Dextool is great tool showing the statistics of DeFi projects.

You can click the icons above.

Gold Rocket | Satoshi Club:
It really looks very comfortable!

I really like that you thought of all the details.

Andrés M. | Satoshi Club:
So clear I think.

Something else to add?

Or we can proceed to the next question?

Ryu:
Sure I can.

Andrés M. | Satoshi Club:
Q5 from Telegram User @wahibur04
In the medium I find that you will combine DeFi and CeFi. Could you please explain in more detail the mechanism about this, and what advantages will be created through this combination?

Part of this question has already been answered but maybe you could give us more details about this DeFi + CeFi union.

Harry | Bitberry Finance:
For CeFi user who are not familiar with DeFi, there are functions called Multiple farm and Smart farms.

Multiple farm consists concept of accelerating yield farming. LP supply with BBR will accelerate farming up to 1.5~3 times faster than regular farming.
Smart farm is an automated workflow that connects users’ action together. Bitberry Finance’s Zap feature will allow the users to directly exchange Ethereum into LP tokens while saving GAS costs by minimizing actions.

So one only needs just Ethereum without knowledge of swap, farming,

The function of Zap does all of the farming process automatically for user.

Ryu:
In addition, we plan to implement the Referral system, which is widely used in Cefi, as a smart contract in Bitberry finance.

Gold Rocket | Satoshi Club:
Please tell us more about this.

How I can make money on the referral program?

Ryu:
In centralized exchanges, the Referral system is issued by code. It is a centralized system.

However, this has not yet been implemented as a smart contract in the Defi world.

Bitberry finance dev team are developing this model in smart contract.

Andrés M. | Satoshi Club:
It is something innovative in the DeFi system.

Ryu:
Yes. This is not in defi world now.

It will be launched march~april.

Certik audit is ongoing now. 17~18th done.

Quantstamp contact and discuss now.

Gold Rocket | Satoshi Club:
Looking forward to the update! don’t forget to share with Satoshi Clubbers😉

Ryu:
Sure. That is world first model. Bitberry dev team try to make world first model of this smart contract.

Gold Rocket | Satoshi Club:
To be honest, it’s good that you said about the audit. Safety first.

Harry | Bitberry Finance:
Currently, the codes are being audited at Certik, and Quantstamp is also the one we are discussing for preparing additional audit. We want to provide safer service by receiving as many audits as possible and showing how secure the codes of Bitberry is to users.

Since such audits are not requested by small exchanges, but are only requested by large exchanges, Bitberry was forced to conduct audits. Moreover, since audits are almost compulsory for partnerships with large institution, we are conducting audits as part of the partnership.

Andrés M. | Satoshi Club:
We will be waiting for it.

Ryu:
Yes small medium exchange dont ask audit indeed.

Andrés M. | Satoshi Club:
It is true, it generates confidence.

Gold Rocket | Satoshi Club:
Thank you very much for your answers! ready to move on to the last question of this part?

Ryu:
Sure I can.

Andrés M. | Satoshi Club:
The last question before the live segment.

Q6 from Telegram User @Korryl
Farming schedule will be based on blockcount for liquidity farming, even you already give small example in your medium like
Farming Start time: 11483000 block
Farming Bonus time: 11533000 block
Farming End time: 12083000 block
But i still dont understand how is it work, can you explain what is the connection with our real time? Correct me if im wrong, is it same with 1 block = 1 second / 1 minute?

Ryu:
1block is block of ethereum.

So time is paired wuth Ethereum block time.

Andrés M. | Satoshi Club:
Thanks for the clarification.

Gold Rocket | Satoshi Club:
Thank you for the clarification. before the storm of questions share useful links and information with our community😊

Harry | Bitberry Finance:
For your info, currently 6528 blocks are generated per day as same as Ethereum.

Andrés M. | Satoshi Club:
So, high computing power.

Yes, please, some interesting links for our members.

Ryu:
@Bitberry_Official

This link is bitberry community. Our manager will explain kindly.

And we are open to hiring cm and running community event in this weeks.

Andrés M. | Satoshi Club:
Satoshi Club, let’s join if you didn’t.

Gold Rocket | Satoshi Club:
Dear guests @syncw and @BitberryRyu now we will open the chat for two minutes and you can have a coffee break. 😁

Andrés M. | Satoshi Club:
My favorite part.

Ryu:
Thank you for your kindness. Hope to join Bitberry finance.

Part 2 — live questions from the Telegram community

Q1 from Telegram user @ Cengizhan Tekin

✅ It is said that fBBR token “does not have a specific price”. What does this mean actually? How does the mechanism of that token work and what is it used for?

Ryu:
Fbbr is paired with Soda coin, listed in bithumb Korea.

Harry | Bitberry Finance:
FarmBBR token($fBBR) is new concept in liquidity farming that will allow the users to securely save their original asset. fBBR Token is solely used to participate for the liquidity farming in Bitberry Finance.
fBBR’s price is determined by the ratio of fBBR and BBR.

Q2 from Telegram user @ Диего | Diego | ディエゴ | Satoshi Club | BCCore

What is SODA COIN and how can I get this token? What role does this play in your ecosystem and what uses can I use with this token?

Ryu:
You can buy at bithumb Korea. This can be used bitberry finance too.

Harry | Bitberry Finance:
You can buy SODA at Bithumb exchange.

Q3 from Telegram user @ Capital Goods

How can we buy Bitberry token? Is it thought uniswap with your contract address or can we connect our wallet and buy with any dex wallet?

Harry | Bitberry Finance:
https://app.uniswap.org/#/swap?inputCurrency=0x7671904eed7f10808b664fc30bb8693fd7237abf

Ryu:
This is listed in uniswap, you can type BBR.

Q4 from Telegram user @ Gutierrez04

If the registration and the start of the session is so simple, then in case I lose the line or the phone, can anyone enter my account and transfer my capital without any problem? or will various verifications be required for each withdrawal?

Ryu:
You can email [email protected]

Q5 from Telegram user @ Topind

BitBerry is such a great project, but how can one by BBR can you give me steps to take to buy BBR?

Harry | Bitberry Finance:
You can either buy BBR at Uniswap or Farm it.

Ryu:
Go to uniswap and type BBR.

Bbr Eth pair.

https://www.dextools.io/app/uniswap/pair-explorer/0x6a475be9d494f80218138c2280f9b4b42a309795

Q6 from Telegram user @Kevin Salom

🔥 You comment that the FarmBBR token ($ fBBR) will allow users to securely store their original asset. I don’t fully understand this, what is the reason for this security, will this not work as a $BBR value dependent token and be subject to the characteristic volatility of the market? Please explain this to us.

Ryu:
Fbbr is paired to Soda coin. For better security for swap, we decided it to use Fbbr

Harry | Bitberry Finance:
fBBR is basically swapped from SODA token, which secures their original SODA assets when swap back.

The swap ratio of fBBR and SODA is fixed.

Q7 from Telegram user @ o0s$a4l

In theory, the good thing about the dex is its decentralization and that it does not require KYC, what difference does this DEX have if you must have KYC for its use?
@BitberryRyu

Ryu:
Yes dont need KYC at bitberry finance.

Q8 from Telegram user @ Elena

A Zap is an automated workflow that connects users’ action together that will allow the users to directly exchange Ethereum into LP tokens while saving GAS costs by minimizing actions, how long has been Bitberry meaning to put this out for the public to harness, do you have a date for it over the next months?

Harry | Bitberry Finance:
Zap is already launched and used for DeFi noobies. 🙂

Q9 from Telegram user @ Robocop

In your medium I read People should own BBR Token for equivalent 10000 USDT to possible participate at Bitberry Smart Farm and BBS ( Bitberry Season 2 ), can you describe what are the different between BBS and Bitberry Smart Farm? Can you explain why is it worth it to invest 10.000 USDT and what the benefit that user will get?

Ryu:
BBS will be used Bitberry dex’s token.

For getting BBS, BBR should be needed.

Smart farm is farming without difficult procedure. Ppl can deposit eth and get interest.

BBS ll be used for utility of Bitberry dex.

Q10 from Telegram user @ Khalee

***How will you incentivize BitBerry community for them to stay, continues support and to use the services offered by BitBerry wallet? What activities are you going to conduct to achieve project’s goals?
@BitberryRyu @syncw

Harry | Bitberry Finance:

BBR will be used as a fee of Bitberry wallet. In the future, when the users select BBR as a transfer fee, they can get a 50% discount in token transfer.
In addition to transfer fee discount, if the users use CeFi fund product(Deposit & Earn) that runs within Bitberry wallet with BBR, they can get a 50% discount from operation fee.
Vault strategy contract will include BBR-only Vault contract which will require BBR to participate.
Bitberry Smart Farm with the concept of proxy farming in the future, lower-level farmers can be hired only by depositing BBR. The users need to hold certain amount of BBR in order to earn commission from sub armers as additional bonuses, which can lead to bigger rewards in the future.
In the tentatively named BBS (Bitberry Season 2), LP supply using BBR would accelerate the farming up to 1.5 ~3 times faster than regular farming. therefore, holding a certain amount of BBR at all times will be a way to secure the rewards from Bitberry Smart Farm and Bitberry Season 2. The users should own a BBR equivalent to at least 10,000 USDT in order to gain an edge in the proxy farming conducted at Bitberry Smart farm.