Today we would like to tell you about the AMA session with our friends from Multiplier that have come to talk about TakoSwap. The AMA took place on September 30 and our guest was D.R.Dudley (Marketing Director).
The total reward fund 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 COMMUNITY QUESTIONS
Mary | Satoshi Club: Good afternoon, Satoshi Club! Today our guest is Multiplier 😀 @multipliermarketing welcome to Satoshi Club.
D.R.Dudley | Multiplier.finance: Hello Everyone! Glad to be here.
Mary | Satoshi Club: Can you give us short intro about yourself and Multiplier project?
Serg | Satoshi Club: And about TakoSwap.
D.R.Dudley | Multiplier.finance: Hello! My name is Dudley and I’m the Marketing Director of Multiplier Finance.
Multiplier was established in early 2019 as a licensed crypto lender, we transitioned into DeFi and officially launched our first DeFi MainNet protocol on 9th September 2020. We will be launching our next DeFi product on 30th September 2020, TakoSwap. That’s today! we launched 7 hours ago.
You can start farming TAKO on https://takoswap.org
Mary | Satoshi Club: So, i think we have a lot of questions from our community) are you ready to talk about takos?
D.R.Dudley | Multiplier.finance: TAKO u mean. Yes I am.
Q1 from bitcointalk user Cryptosats
The Farm pool of MultiTako Deposit MXX-TAKO TLP Earn TAKO offers a whopping 129,846.04% APY. How long will this last and how secure is it to deposit assets into TakoSwap and participate in these high yield pool?
D.R.Dudley | Multiplier.finance: That’s alright. Basically, the emission rate gradually drops over time. It is 2000 rewards per block (15 seconds) for these 3 days, before it drops to 1000 and 500 etc.
Here is the emission table for reference:
To answer your second question regarding security, TakoSwap is audited by Bramah Systems. They’ve previously audited dYdX and mStable. You can find the audit report here: https://bramah.systems/audits/Multiplier_Finance_Audit_Bramah.pdf
Luis Merino | Satoshi Club: So block rewards will be divided by 2 each time. Why starting by 2000? Too high.
D.R.Dudley | Multiplier.finance: It only lasts for a few days, so for the yield farmers out there, start farming TAKO as soon as you can! Again, we just launched 7 hours ago, so there’s still lots of time.
Q2 from bitcointalk user elissa
You claim that Tako tokens are 100% distributed to the community, with no team allocation, no pre-mine, and no initial public sale. Wow, but how do you survive? Cheesy Where do you take funds to pay salaries and for other expenses?
D.R.Dudley | Multiplier.finance: As per the whitepaper, the core team is allocated 30% of the MXX tokens, that will be escrowed for 3 years. Our success, is solely dependent on the success of MXX and the whole Multiplier ecosystem.
We began as early CeFi lenders, our funds came from the early success from back then. Just to touch on that: Multiplier began as a CeFi lender in 2019, and had obtained the relevant licensing from Hong Kong and Switzerland. We had also formed notable collaborations such as that with Coinbase Custody and JUMIO.
Mary | Satoshi Club: Do you have a big team?
D.R.Dudley | Multiplier.finance: Well, we have a core team of 8, but our whole team consists of developers, marketing, business development, compliance, which would make us just under 20. https://cefi.multiplier.finance/about-us
Mary | Satoshi Club: On which place in your ecosystem TAKO is? Were you developing it from the beginning or added later?
D.R.Dudley | Multiplier.finance: Multiplier Finance’s vision is to create a suite of high-value financial products. We view the DEX as a critical component of our ecosystem.
The Multiplier Ecosystem currently consists of 3 products each with its own unique function and purpose – Simplified Stable Bonds (SSB), TakoSwap and Multi-Chain Mining (going live soon.)
We started with SSB (audited by CertiK), which mimics a tokenized bonds market. Users have the flexibility to create their own SSB contracts where they can determine the tenure and interest rate they want to earn on their underlying assets (up to 1000% yield).
And we just launched TakoSwap earlier today. And soon, we will launch Multi-Chain Mining. Multiplier will operate numerous POS (Proof-Of-Stake) validator nodes to secure those networks. By doing so, we will accept and allow token owners to stake their token in our mining pool.
Maybe this will help:
Luis Merino | Satoshi Club: Looking forward to the mining launch! Do you have any approximate dates for its launch?
D.R.Dudley | Multiplier.finance: We don’t have confirmed dates to announce in regards to the Multi-Chain Mining launch.
However, we’ve launched SSB on 9th of September. We’ve launched TakoSwap today, 30th September. It won’t be long before we launch Multi-Chain Mining. Also, we’ve always delivered way ahead of our roadmap. Stay tuned in our discord and telegram for our progress.
Q3 from Telegram user @nerddutch
I have read that you were audited by Bramah Systems. Where can we see the result of the audit? Also, where there any third parties who did another audit?
D.R.Dudley | Multiplier.finance: TakoSwap is a fork of UniSwap and SushiSwap, so it’s actually already pretty safe and secure.
We made some modifications which decreased the overall complexity by removing non-core elements of the protocol and thereby reducing the overall attack surface. To ensure fairness, TakoSwap has also removed the ‘reward multiplier’ and the ‘10% developer incentive feature’ seen on SushiSwap. So, we did an extra round of auditing by Bramah Systems.
You can view the full audit report here: https://bramah.systems/audits/Multiplier_Finance_Audit_Bramah.pdf
By the way, Bramah Systems previously audited dYdX and mStable.
Mary | Satoshi Club: But if something happened, do you take any responsibility on users funds? (Of course, i hope this won’t happen).
D.R.Dudley | Multiplier.finance: Multiplier only launches DeFi products that have been audited. Our first product SSB was audited by leading cybersecurity auditors CertiK, and as mentioned TakoSwap is audited as well.
When we began as a CeFi lender, we also made sure to form collaborations with reputable industry leaders, such as Coinbase Custody. Safety and security of users’ funds are of utmost importance.
Mary | Satoshi Club: Can you tell me what this means?
D.R.Dudley | Multiplier.finance: Hmm. Does anyone else see this? I actually see it as secured on my end. Maybe I can troubleshoot this issue with you more in detail after this AMA. Use https://takoswap.org
Q4 from Telegram Username @tungvodoi206
Uniswap became popular and strongly developed, in addition, Justswap MoonSwap, Shushiswap… are also emerging. So what do you think TakoSwap stands out and stands out to compete with those competitors? Is Multiplier’s goal to put Takoswap above them?
D.R.Dudley | Multiplier.finance: As mentioned earlier, TakoSwap is a fork of Sushiswap and Uniswap.
Multiplier Finance made modifications which decreased the overall complexity by removing non-core elements of the protocol and thereby reducing the overall attack surface. To ensure fairness, TakoSwap has also removed the ‘reward multiplier’ and the ‘10% developer incentive feature’ seen on SushiSwap. I guess you can also see these as improvements.
Also, we actually prepared a little comparison chart, as this question is regularly asked.
Luis Merino | Satoshi Club: Really useful chart! Thank you 🙂
D.R.Dudley | Multiplier.finance: By the way, if anybody would like to have a deeper understanding of some of the answers, you’re welcome to join our telegram and discord. Our admins are always happy to help our community.
Q5 from Telegram Username @yzmoney
How do you prevent users from leaving the liqiudity pool after the initial high APY period? Do you have a guide on how to stake LP for Tako token?
D.R.Dudley | Multiplier.finance: For some projects out there, users tend to dump tokens due to the lack of utilisation.
The best solution is to give users more reasons and motivation to hold onto the token. We have structured a Multiplier Ecosystem, so that users can have more usage on TAKO and to even mint other coins from different blockchains. In fact thru TakoSwap, Uni And sushi token holders have an alternative way to utilise their tokens now
They get to mint, Uni or Sushi ->Tako —> MXX -> bags of coins.
Q6 from Telegram Username @ireneLSL
There were rumors circulating in discord group saying Tako uses code from another scam token called POT and there are no timelock on the smart contract? can you comment on this.
D.R.Dudley | Multiplier.finance: Yes, I heard about that. https://medium.com/@multiplierfinance/takoswap-delay-report-37d528288e88
Maybe this will explain a little bit about that. In summary: We uploaded our Smart Contract Addresses to our Github for final QA at 6:55 pm UTC+8 29/9/20 (the day before).
At 11 am UTC+8 30/9/20, the team realized that there was one wallet address (0x80E209Bdb5109bd05288409302a5cb01642C5Ec1) that interacted with our Smart Contract directly before the launch.
This wallet address was able to farm TAKO tokens prior to our launch. The team decided to redeploy a new set of Smart Contracts, including new TAKO tokens. This decision was made to ensure a fair play for all users. Due to this, there was a slight delay and TakoSwap was launched at 12:07 pm UTC+8 30/9/20.
Mary | Satoshi Club: Rumors not the best way to get info.
D.R.Dudley | Multiplier.finance: We got quite a few users coming in because of these rumours, and they ended up joining our Multiplier community. So I guess there’s kind of a silver lining. In regards to the timelock question, once the governance platform is ready, users may make proposals in regards to the timelock.
Our team has been around since 2019, and this isn’t our first DeFi product. As mentioned earlier, we’ve collaborated with industry leaders such as Coinbase Custody. Also we made sure to audit all our protocols by leading cybersecurity experts.
PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS
The chat was open for 80 seconds; a lot of questions were posted by Satoshi Club community. Our guest chose some of them.
Q1 from Telegram User @AmirJosh
What is special about Defi platforms that you transitioned into it? Is it because of the popularity of Defi today that force Multiplier team to do so or the previous model of your platform failed?
Kimxx | Mulitplier.finance: Like all businesses, we started of as CEFI lenders which are regulated in Switzerland and Hong Kong. I could simply tell you it is a treacherous experience waiting relevant government for approval paperwork. Like all businesses, to stay competitive, we got to adopt changes and evolve.
Q2 from Telegram User @huyvo87
After John early redeems his contract, the contract will be automatically available on the Open Market for other users to re-acquire. So what the contract has remaining?
Yewnan | Multiplier.Finance: After a user early-Redeem a SSB contract, the same contract will be available in the Open-Market for other users to acquire. The remaining MXX in that SSB contract will remain intact for the new user. Do take note that when acquiring a contract from the Open Market, the user does not have to burn Mxx. This will result in a much higher APY for the user.
Q3 from Telegram User @nyo_cant
You mentioned a collaboration with Coinbase Custody, which sounds really intriguing. Can you explain a little what are the main goals of that collaboration? Could it open some doors for MXX, for instance?
Kimxx | Mulitplier.finance: What I can share is, we have close relationship with Coinbase Custody, we constantly have discussion on collaborating. Stay tuned!
Q4 from Telegram User @melanintrish
How can I earn passive income on TakoSwap?
D.R.Dudley | Multiplier.finance: If you know Swaps, then you know it’s important to start farming early as the reward rate (emission rate) drops gradually.
Here are some of the pools and reward ratio that we have on https://takoswap.org.
- MultiTako: TAKO — MXX TLP (Up to 30,000% APY)
- MakiRoll: MXX — ETH TLP (Up to 30,000% APY)
- Takoball: TAKO — ETH TLP (Up to 30,000% APY)
- UniSushi: SUSHI — UNI TLP (Up to 15,000% APY)
- Sushi: SUSHI — ETH TLP (Up to 12,000% APY)
- Uni: UNI — ETH TLP (Up to 12,000% APY)
- Sochu: USDC — ETH UNI-V2 LP (Up to 8,000% APY)
- Udon: USDT — ETH UNI-V2 LP (Up to 8,000% APY)
Q5 from Telegram User @konditer_rolex
Are there penalties for early redemption of market collateral?
Yewnan | Multiplier.Finance: For a SSB contract, when a user perform an early-redemption, he has to burn some Mxx.
This information is documented in our whitepaper: https://multiplier.finance/docs/multipler-protocol-31082020.pdf
Q6 from Telegram User @Mohitku1
There is ongoing tokoswap giveaway of 88 winners to get 88$ each. Can you tell us more about this Air drop? And when this campaign will end.
D.R.Dudley | Multiplier.finance: Our next AMA starts in about 1 hour. Here are some details of the promotion.
TakoSwap $10,000 USDT Giveaway
🐙Participate in TakoSwap AMA Sessions on Telegram and stand a chance to win! Over $10,000 USDT in prizes! 🐙
Website: https://takoswap.org
Takoswap Grand Launch AMA: 30th September 2020, 9pm UTC+8
88 lucky winners shall win $88 USDT each!
Instructions:
1. Follow https://twitter.com/multipliermxx
2. Tweet [1 good advice on what Multiplier should do next] @MultiplierMXX and https://t.me/themultiplierio”
Example: “Multiplier should do a DeFi product on BinanceChain @MultiplierMXX https://t.me/themultiplierio” (Users may give multiple advice in one tweet.)
3. Post the link of your tweet in the telegram group https://t.me/themultiplierio.
(Please note you can only post once, and you may only post within 60 minutes after the AMA ends.)
How we pick the winners:
- For users that give multiple advice in one tweet, we’ll choose the best.
- We favor advice which are useful and unique.
- Advice that show a deep understanding of our projects will likely win.
- Winners will be contacted via their twitter accounts. All winners shall be publicly announced on our community platforms.
Format of our AMA
- Introductions
- Basic and Obvious questions by Admin
- Open up to the floor for questions (5 Minutes)
- Commencement of TakoSwap $10,000 USDT Giveaway – Posting of tweets Link (60 Minutes)
- Back to regular Programming.
Thanks and I hope you all support the spirit of the AMA – to really get to know the projects we highlight and curate for you.
(We reserve the right to change these terms without prior notice at any time.)
We will have more giveaways so do join our community.
Q7 from Telegram User @Nickkiii
Kindly explain how the MultiChain Mining works?
D.R.Dudley | Multiplier.finance: Multi-chain Mining is one of our upcoming products due to be launched very soon. Multiplier will operate numerous POS (Proof-Of-Stake) validator nodes to secure those networks. By doing so, we will accept and allow token owners to stake their token in our mining pool.
An example will be the Cardano stake pool which accepts ADA tokens. Based on each epoch, our pool will generate a certain ROI. This ROI (ADA rewards) will be used as an incentive for the MXX holders who have pledged their MXX token to govern the Multiplier platform. In a way, we are incentivising MXX holders to govern our platform.
Once you pledge your MXX to govern, you will automatically be enrolled into the Earn program, where the Multi-Chain Mining rewards will be fully distributed.
DEFI is about bringing traditional financial products in a decentralized fashion to the masses. An emerging trend we foresee is the integration of different blockchains to create a “Universal Tokenomic”; to be able to use an ERC20 token to mint bags of coins from other blockchains.
The up-coming Multi-Chain Mining product is the first protocol which we will design, that allows our community to govern and earn rewards from our POS staking pool operation. Our pool will cover promising and prominent projects such as Cardano, Polkadot, Cosmos, Kava, Kusama, Tezos and many others.
Q8 from Telegram User @finball
Any more efficient ways, small dolphin player can join the pool? (Without hurting their weekly salaries to gas fees) I mean budget, under $100.
Yewnan | Multiplier.Finance: Do consider our SSB (Simple Stable Bonds). It offers a high and stable APY. If you choose 9 months tenure, you get 1000% APY. The beauty of this system is that you do not have to withdraw reguarly. IN this way, the gas fee is reduced drastically.
Q9 from Telegram User @Trust_Yourself22
How can UNI & SUSHI token holders have an alternative way of using their coins from Takoswap?
Kimxx | Mulitplier.finance: Simply just need to provide liquidity in TakoSwap Exchange UNI – SUSHI and will receive UNI – SUSHI TLP token. With that you can stake in our UNI – SUSHI Pool to mint TAKO! 🐙
Q10 from Telegram User @Ravi2139
You have very interesting project name #TAKOSWAP, AND I found Tako means Octopus in Japanese, so can you tell us what inspired team to name project as #TAKOSWAP any interesting story you want to share with us?
D.R.Dudley | Multiplier.finance: TAKO means Octopus in Japanese. The octopus has 9 brains, 8 legs with lots of suckers, 3 hearts, blue blood, camouflages and produces toxic ink. The genius of the ocean!
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about TakoSwap. A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer. 300$ were distributed between the winners.
For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club
Russian Telegram group: https://t.me/satoshi_club_ru
Spanish Telegram group: https://t.me/satoshi_club_spanish
Telegram Channel: https://t.me/satoshi_club_channel
Website: https://esatoshi.club/
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Our Partners:
Multiplier: https://t.me/themultiplierio