Gauntlet Finance x SatoshiClub AMA from 05 January

Gauntlet Finance x SatoshiClub AMA from 05 January

The best university that can be recommended to a man of ideas is the gauntlet of the mob. And today Satoshi Club gauntlet meet with Gauntlet Finance. Here we would like to tell you about the AMA session with them. The AMA took place on January 5 and our guestwas Gauntlet Finance | Admin.

The total reward pool was 500$ + $500 in Gauntlet tokens 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 Gauntlet Finance! welcome to Satoshi Club 😀

D. | Satoshi Club: hello Satoshi Club! 👋 @Gauntletadmin how are you doing? 😊

Gauntlet Finance | Admin: Greetings everyone! Happy to be here

D. | Satoshi Club: @Gauntletadmin please tell us a bit about yourself!

Gauntlet Finance | Admin: About me, my team or the project?

D. | Satoshi Club: about everything 😄

Mary | Satoshi Club: How you started with Gauntlet Finance?)

Gauntlet Finance | Admin: We are a handful of developers who have been working in the space since early 2017. The initiative was started less than 2-3 months ago as a collaborative effort between a handful of developers, and the design rationale of the platform has been structured around supporting one of the most important core pillars of decentralized finance – liquidity provisioning.

D. | Satoshi Club: sounds good

Mary | Satoshi Club: Whith which projects did you work?

Gauntlet Finance | Admin: That I can’t disclose. The team is anonymous.

Mary | Satoshi Club: Anything?) You can do it without names)

D. | Satoshi Club: ok, we can understand that, everyone has its secrets 😉

Gauntlet Finance | Admin: Nothing. We took privacy seriously since the start of the project. It was either that or not doing it. Some of the team members are still stuck in NDAs, as a result, everyone stays anonymous till things have changed on those regards. Everyone wants to trap talent into contracts in this field, however, the field is moving rapidly, so some have made some bad decisions in the past which does not allow them to use previously acquired knowledge/work on other projects for some time.

Q1 from Telegram user @mag_crypto

I couldn’t find anywhere your maximum supply. Did I get something wrong or you do not have a designed max. number of tokens?

Gauntlet Finance | Admin: The initial supply is 100k. However, unsold tokens from the presale will be burned. The final max supply will be known after the presale.

Mary | Satoshi Club: You will have presale? When?

Gauntlet Finance | Admin: It’s ending in less than 12 hours.

Mary | Satoshi Club: Wow, how it’s going? 😉

Gauntlet Finance | Admin: In my opinion, it’s going fine, we are happy with the progress of our community. So far people are helping us improve by feeding us with their feedback on our decisions.
Here is a tokenomics breakdown:
33 GFIv2 : 1 ETH – this was the first mover bracket and is now closed.
22 GFIv2 : 1 ETH – this is the current bracket and it’s still in progress.
11 GFIv2 : 1 ETH – this is the listing price on Uniswap.
The wallets which contributed to our initial presale are whitelisted to receive an additional 25% on their contributions for expressing their loyalty to our project.

Here is a link to the contribution address: https://etherscan.io/address/0x59a1a4265b8084b3c9b4aa5eebcfd217b6509c8d

Mary | Satoshi Club: How many tokens for pre sale?) Do you have hard/soft cap?

Gauntlet Finance | Admin: There is no softcap, whatever is raised 45% of that will be locked into liquidity forever, and the maximum cap is 1080-1200 ETH. Your question regarding tokens, I answered above 🙂

D. | Satoshi Club: when listing on Uni will take place?

Gauntlet Finance | Admin: after the sale is finalized tonight.

Mary | Satoshi Club: So, to get tokens i need simply send ETH to contribution address?)

Gauntlet Finance | Admin: Yes, that’s correct. You must contribute atleast 1 ETH.

Q2 from Telegram user @karandashy

Can you tell us in more details how will the interest swap concept work? Please give us a few examples?

Gauntlet Finance | Admin: The interest swap concept is a traditional finance concept. We are modernizing it to be implementable in the decentralized finance space. So imagine you provide liquidity to a project. You align with all the requirements and terms for providing liquidity to particular Gauntlet. For example maybe you must provide 5 LP of a particular pair, and leave it in there for 3 months to reserve a position in the Gauntlet and ultimately be assigned a certificate as a proof/receipt of your actions.
If you don’t close your certificate early and let it expire then you’ll be given whatever reward the project which started the Gauntlet is offering. Now, here comes the interest swap portion, if you decide to deattach your reward prematurely in respect to the expiration of the certificate, then you can swap it or collateralize it for trades on secondary markets. Doing so will lock the liquidity that you provided till the certificate expires but you’ve got your reward instantly in exchange.

D. | Satoshi Club: so it’s definitely not for newbies in crypto? 😄 this concept for more sophisticated users?

Gauntlet Finance | Admin: It is for everyone, that’s why we iterate alot on the user experience.

The world is only going to become more tokenized, as a result everyone will have to learn about the importance of liquidity sooner or later 🙂

Mary | Satoshi Club: What about fees on your platform?

Gauntlet Finance | Admin: There will be a fee associated with closing your certificate early, since you reserved a position in a particular Gauntlet – a position someone else might really have wanted.

Mary | Satoshi Club: Btw, do you know any projects which use the same interest swap system?)

Gauntlet Finance | Admin: No. There are no projects to my knowledge that are working on NFT compatibility for liquidity provisioning in the same way as we are.

Mary | Satoshi Club: Oh, you didn’t mention NFT before 😀

Gauntlet Finance | Admin: Yes the rewards from providing liquidity to a particular Gauntlet, can also be in the form of NFTs wrapping around illiquid assets or services. Imagine feeding a village for providing liquidity for a week, sure you might get some impermanent losses but you just fed an entire village! or unwrapping a token that carries a lambo, for providing liquidity for a year to some tokenized car dealership. Splitting rent with friends for providing liquidity together, I could continue.

This is the future that we are entering. Hopefully there will be some humanity left and not everything will be about giving to receive 🙂

Mary | Satoshi Club: Did you think about any insurance, the market is so volatile now and also a lot of another risks connected with crypto now?)

Gauntlet Finance | Admin: Insurance in what context? as rewards or to liquidity providers on the platform?

Mary | Satoshi Club: To liquidity providers)

Gauntlet Finance | Admin: Maybe we can think of that as complimentary tooling. If you’re asking if we implemented an insurance layer to liquidity providers, then the answer is no. However, liquidity providers are free to close/terminate their position at any time, aslong as the reward has not been deattached prematurely.

Q3 from Telegram user @daviessss

For a project like Gauntlet community and fans are very important, maybe even more important as for other projects. That being said, there is no clear mechanism of incentivizing community creation. What is your strategy regarding this? Without a big community and a lot of holders, the token will be at a great risk.

Gauntlet Finance | Admin: This can be said for all projects, the community is of utmost importance to the mass adoption of a project. There are plenty of mechanisms for incentivising the community to grow organically, the token reacts to widespread adoption in an elastic way. If you join the community early, then you’ll benefit the most, and if you decide to leave the community then everyone who remains still benefit from your action.

Mary | Satoshi Club: Will you have any bounties for your community?

D. | Satoshi Club: yeah, maybe you planning some events to attract more users to your project?

Gauntlet Finance | Admin: Yes we will have community challenges, bounties, airdrops, and some other things that will help grow the community as well.

Mary | Satoshi Club: How many tokens allocated for this events? 😀

Gauntlet Finance | Admin: We still prioritize doing it the right way, which is putting more effort into launching well-designed products. Too many projects have great communities but alot of broken promises on deliverables. To be determined.

Q4 from Telegram user @abedmahmud

You say that GFIv2 token is related closely to widespread adoption. What exactly does it mean? Is the price changing accordingly to how many hodlers are there?

Gauntlet Finance | Admin: The supply changes elastically based on the amount of token holders that complies with the minimum ownership requirement of 50 tokens.
Everytime a new unique and compliant token holder is found, then the token supply deflates synthetically. Consequently, when a unique and compliant token holder goes below the 50 token threshold, then tokens are inflated back to the supply.
There’s a certain capacity for this behavior and this capacity is increased by penalties issued for transferring tokens.

D. | Satoshi Club: as i know GFIv2 is your second token, there was the first version, right? correct me if im wrong

Gauntlet Finance | Admin: GFI is our legacy token it has an composability issue with uniswap that the auditor did not discover and inevitably we had to redeploy the token to fix the issue.

We refunded all the participants who participated in our initial presale.

and whitelisted them for a 25% bonus for the ongoing one.

Mary | Satoshi Club: 200ETH, am i right?)

Gauntlet Finance | Admin: something like that

Q5 from Telegram user @alex_andross

The Gauntlet platform aims to give more flexible and different incentives to LPs. What do you mean by that? how will liquidity providers benefit more by using your platform?

Gauntlet Finance | Admin: Let’s compare with Uniswap since it’s the most used LP platform atm.
One issue that Uniswap currently has is that projects don’t have a way to customize the requirements and terms for liquidity providers. This means that projects don’t have a way to integrate control measurements that will result in i.e. more depth of decentralization via an increase of liquidity venues.
Next, liquidity providers are restricted to traditional fixed interest rate % rewards instead of being incentivized by the disruptive potential of tokenization and the latest innovation in NFTs, etc.

WIth Gauntlet, projects determine the requirements and the rewards. Not the platform and a project can have multiple open Gauntlets with different configurations and rewards.

Mary | Satoshi Club: Rewards are great) but how secure is your platform?)

Gauntlet Finance | Admin: We are still building it.

Q6 from Telegram user @ACMILANfanatico

Governance is included in your project and it’s great. Community should be involved in the projects decision making. But how exactly I am going to get votes? how can I convert challenger prizes to votes?

Gauntlet Finance | Admin: Once you acquire 50 GFIv2 tokens, then you can create a promise by challenging a feature built into the token termed the ‘challenger prize pool’, you can use this feature to farm additional token rewards or convert your claimable reward to voting power which can carry influential impact on the decision-making process on the platform.

Mary | Satoshi Club: Do you have any articles about government system?

Gauntlet Finance | Admin: There are several articles pinned in our telegram community that people are welcome to read, they will give a more detailed answer to the question.

Mary | Satoshi Club: Can you share with us some?)

Gauntlet Finance | Admin: Learn more about the token:
https://gauntletfi.medium.com/the-gfiv2-token-f6d3ee17efba
Learn more about the platform:
https://gauntletfi.medium.com/the-gauntlet-platform-56eb7e51547f
Learn more about the governance:
https://gauntletfi.medium.com/the-governance-layer-140ca82e26eb
Learn more about the token distribution event (pre-sale):
https://gauntletfi.medium.com/the-relaunch-of-the-project-77f8696e81d0

Part 2 — live questions from the Telegram community

Q1 from Telegram user @jerryziz91

Regarding your governance model – is it some simple one “hold GFI to vote” or some more advanced one like quadratic voting, or neither?

Gauntlet Finance | Admin: It’s a combination of holding GFIv2 and ‘Schelling point’ settlements.

Q2 from Telegram user @Sussant

What is your top 3 things for priorities in 2021? Could you share some plans for the upcoming year?

Gauntlet Finance | Admin: Launch of audited and battletested platform Onboard traditional companies and tokenize their business model. Build tooling around our project.

Q3 from Telegram user @ronaldo_super

Do you offer your customers staking and yield farming on your system?

Gauntlet Finance | Admin: Our challenger prize pool, can be seen as ‘yield farming’ however you don’t have to stake anything, all you have to do is hold enough tokens in your wallet to participate. No need for trust in additional external smart contracts.

Q4 from Telegram user @ubuntucoder

With the defi projects rising also hackers are rising too. Do you provide any reward system for those who provides you vulnerability detection help to white hat hackers?

Gauntlet Finance | Admin: Yes we will have a bug bounty program to incentivise hackers to disclose any vulnerabilities on the platform to us instead of exploiting them.

Q5 from Telegram user @Ayshunasrin

Where the name origins from?

Gauntlet Finance | Admin: It’s symbolic to the protective traits of a medieval gauntlet and long term holding.

Q6 from Telegram user @Brainchest

Do you have anything in common with Gauntlet Network? If so, have you run a simulation of financial processes on this platform to understand the risk?

Gauntlet Finance | Admin: We have nothing in common with Gauntlet network.

Q7 from Telegram user @Joseunda

They have an article of mediumship with the title The Realunch Of The Project, what difference does the project have with the original one?

Gauntlet Finance | Admin: In the original presale the maximum potential raise was 2500 ETH and the liquidity lock 15%. The community expressed their concerns for this, so we halved the maximum potential raise and tripled the liquidity lock.
In terms of features, the new one also has built-in voting power accumulation.

Q8 from Telegram user @Khan662

Every success project has interested story before it was created . So can you tell people about the story of your project that gave you the motivation to build and develop a great project like Your project?

Gauntlet Finance | Admin: Uniswap. Without witnessing the success of Uniswap or acquiring inspiration from their project. Uniswap is a major influential source, and we are doing our best to extend on Uniswap to compliment each other.

Q9 from Telegram user @albyque

Suppose I was a user of the previous project, why would I trust again in the relaunch of this project?

Gauntlet Finance | Admin: Because we refunded everything that was raised and the liquidity that has been locked away from our own pocket as well.

Q10 from Telegram user @alyaakin

Do we only get non-fungible token (NFT) rewards from staking GFIv2 tokens?

Gauntlet Finance | Admin: Rewards for contributing to Gauntlets are determined by the projects that desire to host them. Right now you are not staking GFIv2 anywhere though.

Part 3 – Quiz Results

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

For more information and future AMAs, join our Social Media channels:
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