2020 is almost over and Satoshi Club is using the last days of this year to introduce its members to new interesting projects. And today we would like to tell you about the AMA session with our friends from DeFiBench. The AMA took place on December 12 and our guest was Mike Patel, CEO and Founder of DeFiBench.
The total reward pool was 700$ and has been splitted in 3 parts.
In this AMA Recap we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram&Bitcointalk community
Mary | Satoshi Club: Hello, Satoshi Club! We are happy to announce our AMA session with DefiBench! welcome to Satoshi Club:grinning:
GoldRocket: Good evening Satoshi clubbers! We are starting our today’s AMA with DeFiBench. Our guest today is CEO and Founder DeFiBench @themehulpatel.
Mike Patel: Thank you for having me Mary.
Mary | Satoshi Club: could you please introduce yourself and tell us more about DefiBench?
Mike Patel: I am Mehul (Mike) Patel, the Founder and CEO of DeFiBench. Short overview on my background: I have grown and exited several internet ventures from India to Silicon Valley since the year 2000 and have been rated as one of the Top 100 Digital Influencers in Asia by Pinstorm. I have hosted multiple Blockchain panels at the World Economic Forum at Davos, Switzerland over the past 3 years and was one of the few Indians invited to the biggest global Blockchain and Cryptocurrency conferences since 2015, so I have been around for a while.
So what is DEFIBENCH? We created a one stop shop for DeFi with several key elements We have:
Decentralised Asset Management which includes Yield Farming, Staking and more!
An NFT and Digital Art platform
Decentralized Launchpad
EDDASWAP – our decentralized Exchange
At the core of this entire ecosystem will be DeFiBench’s native token, EDDA. Holding the EDDA token will enable you to profit from ALL of the above elements of DEFIBENCH. So you don’t have to put all your hopes on one horse, we basically have many different elements on our platform, which all will be profitable for EDDA token holders and at the same time provide great benefit to users of our platform in general, no matter which area of DeFi you are excited about!
And the best thing is, many elements of our platform are already going live in the next few days and you can actually use it as soon as the token sale is over.
Mary | Satoshi Club: Wow, amazing background! And is DeFiBench your first cryptoproject, that you founded?
Mike Patel: No Note really Mary.
Mary | Satoshi Club: Yes, i had a feeling, that you should have more:joy:
Mike Patel: I have been working in the Crypto space since early 2015, I have helped a Private Crypto Fund in Switzerland to start from ground zero and taken it to a Multi Million Euro fund. I am also working with regulators in Europe for over 3 years and we are ready to launch a fully EU COmpliant and EU licensed Global Cryptocurrency Exchange – LXMI. Our Global Fully EU Complaint and EU Licensed exchange goes live in Q3 2021
Mary | Satoshi Club: Yes, it has interesting structure and a lot of features! When did you get this idea about DeFiBench? How much time passed since it was born in your head?
Mike Patel: I have been a big believer of DeFi since very long but there was not enough traction globally before 2020, this year has been great for DeFi. We have been toying with this idea since May 2020 and in June we actually started working on all things DeFIBench
Mary | Satoshi Club: Yes, for sure, you choose the best time to start with DeFi:+1:
GoldRocket: When do you plan to finish the token sale?
Mike Patel: The token sale ends on 31st December.
Mary | Satoshi Club: Present under the New Year Tree 😉
Mike Patel: Absolutely yes.
GoldRocket: Btw you have a very beautiful roadmap:heart_eyes:
Mike Patel: Thank you we have tried our best to be detailed and diligent and the team has been working nonstop on the same!
GoldRocket: You can share with our community please:blush:
Mike Patel: https://defibench.com/#defi-roadmap
Q1 from Telegram user @balabas4bounty
10% of tokens will be added as liquidity. That is good. How about ETH? How much of the funds you get will be added as liquidity and for how long?
Mike Patel: The amount of ETH that will be added as liquidity will depend on the final amount raised, but assure you it will be a significant portion of that amount. We understand how important having sufficient liquidity on Uniswap is to maintain the token price and accommodate a large trading volume, and so we will ensure we provide that. This liquidity will be locked.
Mary | Satoshi Club: Do you have Hard/Soft Cap?
Mike Patel: Yes our hardcap is 4062.5 ETH
Mary | Satoshi Club: How do you plan to lock your liquidity? Will you use third part for this?
Mike Patel: Yes we will be using top notch validated third party companies for the same, in discussions with 3 of them right now
Mary | Satoshi Club: And how much funds already collected? Is this info available?
Mike Patel: We have not started token sale promotion heavily yet. We are in very early stages of promoting the same and the main activities start from this weekend and next week. We have sold barely 200 ETH worth of tokens as of now. The same will change heavily in the next 2 weeks and we are confident about it.
Mary | Satoshi Club: Oh, got it:grinning: but it’s more then 2 weeks. I know, that sometimes hardcaps filling in almost before tokensale closes 😂
Q2 from Telegram user @occupyingmars
EDDAswap is a decentralized exchange. I have seen hundreds of decentralized exchanges already. Why do you think there is place for one more and what new do you bring to take your market share?
Mike Patel: Our priority for EDDASwap is to eliminate risks, and provide users a completely secure trading environment. EDDASwap has “Liquidity Lock”, an optional feature whereby anyone that lists their token onto EDDASwap will have the ability to lock in the liquidity for the token for a designated period of time. Every project that wishes to legitimise themselves would be able to make use of this feature to create trust, and provide token buyers complete security.
Not many decentralised exchanges are fully audited by a third party. Security for users is the most important thing. EDDAswap is just part of what we do. Decentralized Asset Management, an NFT platform and a fully decentralised launchpad. Our governance is very robust and you will not only be able to decide about economic aspects but also technical aspects.
DEXs reward LPs by distributing to them the trading fees generated by the DEX. In many existing DEXs, a percentage of these trading fees are retained from the liquidity providers, and distributed to the creators of the DEX.
However, in EDDASwap, this fraction of trading fees that will be used to automatically market-buy EDDA Tokens, that will then be distributed to EDDA Token holders. Therefore, as EDDASwap grows and trading volume increases, the EDDA Token holders will be the ultimate beneficiaries.
Mary | Satoshi Club: Ok, i see) nice feature with locking. When it will go live?)
Mike Patel: Our DEX EddaSwap goes live before the end of Q1 2021 as mentioned in our Roadmap.
Mary | Satoshi Club: Is it already tested?
Mike Patel: The DEX is being developed and tested, as we are currently in the Testnet to Marinnet migration for the Decentralized Asset Management platform and the NFT platform which both go in to Audit soon.
GoldRocket: Speaking of safety. Have you already done an audit of smart contracts? Haha:) You was first:wink:
Mike Patel: Yes our EDDA Smart contracts have been audited here is the link – https://drive.google.com/file/d/1_MpLvdjT9qvw6SbfHmcfZ4dslHL034ZU/view . Every single platform of ours, each and every Smart Contract will not go live without Auditing, that’s a firm decision.
Mary | Satoshi Club: Who will audit DeFiBench? Do you have any terms when audit should be finished?:grinning:
Mike Patel: Our Auditors are Hack Control which is a fork of Hacken, a dynamic, young and excited team similar to ours.
Mary | Satoshi Club: Yes, i see this are new auditors:grinning:
Mike Patel: Actually they are not new, they are part of Hacken team who started their new venture but they have been around since 2016.
Q3 from Telegram user @Brainchest
I
have a question for Head-Communications. I apologize for the awkward
question and at first glance having no reason to ask it. But reveal
the secret of why such a young-looking girl took the nickname
CryptoBabushka.
PS: Babushka means Grandma 🙂
Mike Patel: She calls herself CryptoBabushka which literally means Crypto Granny or Crypto Grandma and it focuses on having wisdom of a grandma and energy of young excited Crypto person! CryptoBabushka has been around on Crypto Twitter and Youtube since early 2017, We have known her and interacted with her for over 3 years at multiple conferences. She has a great connectivity with the CT community and people regard her as a honest and a helpful CT Influencer. We were looking for someone who is young and dynamic and has a clean track record and she came across as the perfect match!
GoldRocket: I think you have a Russian-speaking team
Mike Patel: We do, some of them do speak Russian as they were born there.
Mary | Satoshi Club: Wasn’t her Twitter acc blocked recently?
Mike Patel: Yes her OG Twitter account was blocked and after endless messages to Twitter we do not have the exact reason for the same. Twitter is known for playing God this days and fully operate on their Own Whims & Fancy!
Mary | Satoshi Club: Oh, yes, a lot of users have the same problems 🤦
GoldRocket: By the way, how big is the team? I like that you are all public people.
Mike Patel: Our total team consists of 9 people. We are all public facing, we decided to remove the developers from the website as they were being spammed like crazy on their Social Media profile and being offered 3 jobs a day!
Mary | Satoshi Club: I see:joy: it’s better for them to develop, then answer spam messages)
Q4 from Telegram user @borysfireball
No auctions, bonding curves, or other complexities. Every participant will be able to buy the tokens at the same price.
There will be no discounted private sales, pre-sales, or exclusive access to institutional investors at lower valuations. Every interested investor will be required to buy the tokens through the public sale, at the same price and on the same terms as everyone else. – this are statements from DeFi Bench Tokenomics.
At the same time i found in your Telegram group that everyone that bought $EDDA before rebrand will recieve a bonus airdrop. It seems to me that I see some contradictions between tokenomics and this event. Please explain why this happened, how many bonuses have been/will be distributed among users and whether this will not affect the price of $ EDDA in the future.
Mike Patel: Great question. Will have to give some context and answer.
So, we have had global interest from crypto and non-crypto communities alike.
We believe that the community’s feedback is the most important factor for a project’s success, and should drive our decisions. So, in the honour of inclusivity, we made a rebranding decision. Approximately 135 EDDA Tokens will be given in a 1:1 airdrop, this is applicable only to the super early supporters who participated before the rebranding and token sale extension and hence had to wait longer. We firmly believe in our early supporters and we are a customer obsessed company and for us loyalty is priceless. Those who study us well will know and understand this is a sincere long term DeFi, NFT venture with a great team and execution capabilities. Most people will HODL EDDA for sure due to the wide range of great staking, LP and NFT Incentives, however we cannot control all outcomes.
Mary | Satoshi Club: Not so many🤷 btw, what is the price of 1 EDDA?
Mike Patel: The price of one EDDA is 1.25 ETH and it has been the same for everyone.
Mary | Satoshi Club: What was the name of project before rebranding?
Mike Patel: Yggdrasil, Yggdrasil DeFi
Mary | Satoshi Club: Why rebrand? Did you only change picture and name or had more changes? In the team, for example?
Mike Patel: The feedback we have received is that they have often misspelled or found “Yggdrasil” difficult to pronounce or understand. We are creating a comprehensive ecosystem of DeFi applications so DeFiBench fits perfectly We strongly believe that the community’s feedback is the most important to us and we have to keep our ears open to whats coming from the community.
Mary | Satoshi Club: Yes, shame on me but i can’t spell it right:joy:
Mike Patel: We changed the name, while the core development and execution team and everything else remains exactly the same. It was the same for many people! Yggdrasil has a deep meaning in Norse Mythology and the Tree life is very important in connecting the nine worlds, but the word itself was a challenge most people could not pronounce it!
Mary | Satoshi Club: Yes🤦 but meaning was great!
Mike Patel: I agree. Yggdrasil simply means Tree of Life and ODIN father of Thor also ended his life on the tree of Yggdrasil, much more but its a Past now! DeFiBench is the present and future for us.
Q5 from Telegram user @Thienzoro
In my opinion, the NFT platform is occupying such a large number that every generation has and that includes our DeFiBench. But it seems there are too many projects currently that cannot give real value to their NFT except for a few people who make up Project Defi from different types of games. What will NFT look like in the hands of DeFiBench, will they be real-world assets or their encrypted version? And can you please give me the values back of your NFTs so I know?
Mike Patel: We believe that content is the king. Similar to how Netflix creates its own content we have chosen to create our exclusive NFTs which can be only availed by staking EDDA on our NFT Platform
DeFiBench is not a NFT Marketplace like Rarible, Nifty, etc. This was a conscious decision by the team.
EDDA Holders can stake their EDDA tokens and EDDA LP tokens in order to avail DeFiBench’s exclusive NFTs created by leading 3D motion graphic designers, digital and NFT Artists.. We have already received our first-set of commissioned work from leading NFT artist Primal Cypher and will close partnerships with a few others too! – https://twitter.com/primal_cypher/status/1337143601491570691?s=20
You can view our most recent NFT previews dedicated to the founder of Binance, CZ – https://www.youtube.com/watch?v=9SrJUdVEz4w&t=3s
And the founder of YFI and KP3R Andre Cronje – https://www.youtube.com/watch?v=9SrJUdVEz4w&t=3s
All of these un-encrypted NFTs are exclusive to EDDA Holders and can all be sold on famous NFT Marketplaces for high prices!
We are also exploring more aspects to the NFT spectrum in line with our thinking of constantly evolving with the space!
Mary | Satoshi Club: Yes, i spent my previous night with Netflix instead of pillow 😂 This woman looks mystical)
GoldRocket: And yet it is very beautiful:heart_eyes: I’m watching your preview :+1:
Mike Patel: She is and their is a great story here, The Awakening is one of the most sold out and successful series by Primal Cypher and The Awakening Three is fully and exclusively created for DeFiBench
Mary | Satoshi Club: I see, that more and more projects trying to bring more senses for NFTs:grinning: i like your concept
Mike Patel: Yes it’s very important. not to call a Jpeg file with some photoshop on it a NFT! I hope you have seen our 3D NFT video based on Cronje and CZ? If not Please do it Now! Yes. Here You Go – Make sure the Volume is very High! https://www.youtube.com/watch?v=pXkKXay18sg
This one is on One & Only CZ Binance!
GoldRocket: really amazing!!
Mary | Satoshi Club: Haha, i like this:+1: Isn’t it lil bubble dancing?:grinning:
Mike Patel: No its not! There are many many more NFTs coming up I think it will blow everyone’s mind!
Mary | Satoshi Club: Sure, we are waiting for them:+1::rocket:
Mike Patel: We created a full on Astro series of great Crypto founders and all of their faces will remain Unknown but we have great stories to tell around those Video NFTs, stay tuned.
Q6 from Telegram user @Garrinepotter
You will allow the holders of the EDDA token to prohibit or allow the placement of projects on the platform. Does it seem to you that this contradicts the philosophy of decentralization and leaves room for manipulation? Will the management of the platform pass into the hands of whales who will only lobby their own interests, which may hinder the development of the platform?
Mike Patel: In the first place during our sale now, users can only acquire 20 EDDA tokens max per address. This enables in the first place a well distributed user base. As our governance is total, these users will have all the power. Decentralisation is decentralisation. If people like it, it will stay very well distributed and we work hard for exactly that. Any change in the decentralised ecosystem will eventually require a vote and voting is to be done via EDDA Tokens
The small amount of tokens per person also makes it difficult for someone to sway these votes by huge margins. The low total supply makes it tough to buy huge amounts of EDDA, even over time. It would drive up the price a lot.
Mary | Satoshi Club: So, you will have voting, right? Governance system?
Mike Patel: Absolutely Yes.
Mary | Satoshi Club: Do you have some articles explaining your governance system?
Mike Patel: The same will be released in a Medium article with all the key details, timelines, dates and functionality soon.
Mary | Satoshi Club: Oh, got it:grinning: but may be you know the minimum amount of EDDA i need to own to participate in this system?:grinning:
Mike Patel: The details for same will also be released with a detailed explanation in our Governance Medium Article.
Mary | Satoshi Club: Waiting for it:+1:
Part 2 — live questions from the Telegram community
Q1 from Telegram user @Antoni_azx
I was researching your website and I think has a very nice design, also very informative. But didn’t find a technical document to read about the security details. Can you us more about it?
Mike Patel: Hi Humberto, we already have detailed Medium articles covering the ecosystem. However, we are also releasing a litepaper on Monday. Along with an brief overview document too.
Q2 from Telegram user Pro Trader
Can I connect my trust wallet to your website for staking? Do you support it or only metamask?
Mike Patel: Yes, Pro Trader, you can use a wide range of wallets including Trust Wallet!
Q3 from Telegram user @Brainchest
Are you partners with the Yggdrasil casino games platform?
Mike Patel: No not at all, We have no connections with them!
Q4 from Telegram user An Angel
What happens if some tokens left unsold after the sale period?
Mike Patel: Upto 10% of unsold EDDA Tokens are redirected towards the EDDA Vault and EDDA LP Vault as vault rewards. Rest will be burnt.
Q5 from Telegram user @AmitGoyal1444
Where Can I buy $EDDA ? I am interested to buy your token. Please give me a link to access this directly.
Mike Patel: Hey David, Here you go – https://ito.defibench.com/
Q6 from Telegram user @K2ice
Upon listing the EDDA tokens, what features will be live from the first day of listing and what benefits comes with being a liquidity provider on EDDASWAP?
Mike Patel: Hi Hakeem, From day 1 of listing, our Decentralized Asset Management platform (with support for staking EDDA) and our NFT Platform will be live.
Liquidity providers on EDDASwap will be rewarded with a significant part of the trading fees generated on the DEX.
Q7 from Telegram user Centos Manager
Could you please tell us about your team? I think it is great for getting trust. Are you a anon team or a public team?
Mike Patel: Hi Centos, We are a fully public facing team. You can learn more about the team here – https://defibench.com/#our-team
Q8 from Telegram user @tuvalunia
When is the Decentralized Launchpad scheduled for? Any plan to integrate it in Binance launchpads?
Mike Patel: Our Decentralized launchpad goes live in Q2 2021 and it has no connections with Binance launchpad but rather a competition to the same.
Q9 from Telegram user @Baby_Crypto
DeFiBench recently announced a partnership with HackControl. What security aspects did Hackcontrol provide you with? What do you expect from this collaboration in the future?
Mike Patel: Hi SOnia, Security of the platform (web-site), smart contracts validation and audit. They are in process of auditing of Asset Management platform now (and it’s a big part – more than 30 smart contracts alone). They will help us to protect the system against malicious outcomes.
Q10 from Telegram user @Jonahapagu
In your Token allocation, 65% of your Tokens were allocated for Token sales, while the allocations reserved as incentives for liquidity providers and Vault rewards were 10% each, which will both be available for two months from the launch of Defibench.. what I don’t understand is that after this two months has elapsed, does this mean there will no longer be rewards for vaults and incentives for liquidity providers, if yes which I assume it is what other ways will EDDA token holders be able to earn from your platform.. and don’t you think that the allocation for Vault rewards and incentives for liquidity providers is way too small in comparison with your allocation for token sale
Mike Patel: Hi Jonah, We want to ensure there are long term benefits to holding EDDA, so even beyond the first 2 months, the EDDA Vault and EDDA LP Vault will still generate yield for stakers, through the distribution of fees accrued on all our platforms.
Additionally, staking EDDA will also provide other benefits such as exclusive access to our NFTs, and the ability to participate in our Decentralized Launchpad.
This way, we ensure that holding EDDA always provides multiple benefits and advantages!
Part 3 – Quiz Results
In the final part we tested your knowledge in terms of DeFiBench. They’ve prepared 4 questions for this part. The total reward pool for quiz was 400$.
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