Meme projects gain a lot of popularity lately. And today we would like to tell you about the AMA session with our friends from SERGS. The AMA took place on November 04 and our guests were Crazyfrog and Varun Ravi.
The total reward pool was 1500 SERGS 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 again, Satoshi Club! We are happy to announce our AMA session with SERGS! @VarunRavi23 welcome to Satoshi Club:grinning:
D. | Satoshi Club: hello Satoshi club! 👋 @VarunRavi23 how’s it going?
Varun Ravi: We are happy to be here too.
Mary | Satoshi Club: We were waiting for this AMA for a long time:joy: Guys, please, introduce yourself and of course your SERGS project :grinning:
Crazyfrog: Hello SC community! This is crazyfrog, the guy who found this meme project called SSL.
To introduce about myself, nothing much. Just a common man like u all. I’m from singapore and 27yo. So my years of experience in cybersec field is only 3 years.This is my first defi project.
Wasn’t comfy doing all one man as I’m dealing with finance. So another dev who’s assisting me is from Zilliqa team. He’s ex dev of zilliqa. So I’m working along with him to deliver the dApps.
To tell about SSL, it started as a meme project. Had zero utility,no dApp, no website on early days. SSL token was airdropped for the memes and what happened next was just reverse engineering. It got the demand, I dunno for what reason. So we chose to build an ecosystem around it and have a meaning for ppl to own that token.
So we came up with the 2-token model system. Couple of days back our LP staking pools went live. Following next will be NFT farming.
And I know many ppl are concern about anonymous devs behind a project.
I have addressed that in below thread. Feel free to read it up
https://twitter.com/SergeySaveLink/status/1323367091102081024?s=20
My personal thread addressing anonymity concern, to each and every investors!
Peace. -CF
Mary | Satoshi Club: Congratulations with the start:+1: i see, that you never know where the way should lead you:joy: As you didn’t know with SSL) Why SergeySave, do you think you need to save him?:+1:
Crazyfrog: Yup! I had 0 plans, that’s why u are seeing a ridiculous supply for SSL. As this project dint started with a plan.
Which was the main reason for us to come up with 2-token model and introduced SERGS with proper tokenomics and functions.
So SSL will be the governance token, which will also act as multiplier for NFT farming.
SERGS will be the gateway token to farm and mint NFTs. Sergs token contract have 2.5% tx fee for every trade. This will be the protocol fees for both SERGS and SSL holders, and also for liquidity providers.
Okay… I’m huge fanboy of LINK. Been into for almost an year.
the reason I came up with this name is bcoz a month back.. LINK was drowning. It had the momentum and got back.
So this meme token was airdropped to convey the message… Sergey saved link by buying all the weak hand bags. That’s about it. Just for the memes
Mary | Satoshi Club: I like the structure, do your members enjoy it?)
Crazyfrog: So far so good. Ppl find it interesting. And SERGS is a deflationary token as well. We will burn it everytime the fee treasury exceeds 50K sergs. We burnt 61K SERGS couple of days back.
So the supply of SERGS will be reduced and burnt until it hits a cap of 110K
Varun Ravi: Basically the ssl and sergs ecosystem will have
- Staking
- Liquidity farming
- Protocol fees
- Nft
- Governance
- Deflationary asset
Crazyfrog: 1,2,3,6 is completed and live. Following will be 4,5
Mary | Satoshi Club: A lot of my favourite things in one project:+1:
Varun Ravi: Most of it is community driven that’s what we like about the project. For example the burn was something we were thinking about but when we realised the community felt one was ideal for the ecosystem we decided to go with it. We are very proud to be a community project. Always open to ideas and inputs.
Mary | Satoshi Club: I see, thanks:+1: community is really important, with it you can make a lot)
D. | Satoshi Club: @cra2yfrog thank you! great intro! can you tell about origins of the name SERGS?:blush:
Crazyfrog: Started with SSL… and so our 2nd token, we named it as SERGS… just to follow the trend on how it started first.
Liquidity providers farming is live at https://app.sergs.link
2.5% Protocol fees will be flowing to fee treasury everytime there is a trade for SERGS.
Burning will be done via the contract. And we already completed our first burn of 60K SERGS, approx 30K USD.
Regarding fee structure and the treasury info, u guys can have a read in the below article
https://sslcomms.medium.com/sergs-ssl-ecosystem-fee-structure-97dd8a4dffb7
Q1 from Telegram Username @JoanaZ
The Official website shows details about SERGS token, but nothing about the SSL Tokenomics. So can you share and explain It to us please?
Crazyfrog: Actually the website have ssl tokenomics, guess they overlooked.
Anyways let me write it up here too.. SSL’s total supply is 1100. I know this number is funny and ridiculous. Bcoz that’s how this project started, I had only plan to airdrop it and that’s about it. But demand for it pushed us forward to build an ecosystem around it.
90% of the supply(1000) was airdropped a month back to 500 members from TG, 2 each.
The value of SSL started with $3 and remaining 100SSL was added for liquidity.
I feel it was just a psychological factor that made ppl buy this. All ended up loving Low supply and they want instant Xs. But that was never my intention. Whole point was to get it airdropped and enjoy my link ride.
So due to lack of liquidity, it suffered alot growing. Bot kept nuking. Few of the community members added liquidity and made it grow.
SERGS is totally opposite. It was planned with proper tokenomics.
Mary | Satoshi Club: Low supply always attractive 🙂
D. | Satoshi Club: ok, now 1 ssl coasts more that 200 bucks, not bad for meme token:grin:
Crazyfrog: Yup, usually low supply avoids all this inflation. It was Andre who started that logic and almost most of the DeFi projects adopted to low supply tokenomics
Mary | Satoshi Club: It was a good airdrop for those who hodl:joy: Yes, last years we saw projects with billions. Now – thousands and hundreds)
Varun Ravi: Ssl hit an ath of 1.5k usd for a meme token but what we have planned for sergs is something huge even within the nft space. It’s all about things falling into place now.
Crazyfrog: We have progressed well so far guys. For last 1 month.
It went upto 1.5K, that time it had no website too. Until now I have no idea why ppl bought it. It might be due to DeFi hype those days
It was basically a zero utility token back then
Mary | Satoshi Club: Let’s see what will happen next, after it has) And when NFTs?)
Crazyfrog: Aiming it by Nov20 … so approx 10 days time
Mary | Satoshi Club: Near:grinning: almost here:+1:Who will be able to get them?
Crazyfrog: That’s where SERGS utility come into place. For NFT farming we will have 3 pools called YOU, JUST and WIN with different farming rate.
So the users can stake their SERGS to farm those. Once farmed, they gotta burn YOU, JUST and WIN in different combos to farm different type of NFTs. So basically,
Burn 1 YOU + 1 JUST = mints normal NFT
Burn 1 JUST + 1 WIN = mints rare NFT
Burnt 1 YOU + 1 JUST + 1 WIN = mints limited edition NFT.
This you, just and win tokens are non tradeable. It’s meant to be burnt in order to mint NFTs.
Users can then become the owner of those minted NFT and can choose to sell in NFT marketplace like rarible or opensea. Make sure they set a reasonable price to get it sold
Q2 from Telegram user @Thienzoro
SERGS generates 2 $ SSL and $ SERGS tokens but does $ SSL play a major role in transactions and fees? And $ SERGS just extra token on the out of the gate? So will investors mainly buy $ SSL or $ SERGS? Each has its own use. Can you tell more about the differences and benefits of each penny?
Crazyfrog: Okay, ppl have to understand the utility of both SSL and SERGS.
SSL is a governance token with multiplier utility for NFT farming.
SERGS will be the token used to stake and mint NFTs.
The fee distribution is equal to both holders and liquidity providers. Just the utility of the token is different.
You can refer to this diagram, more easy to understand the fee structure
In short, SERGS generate the protocol fees based on each trade. This fees will flow to fee treasury. And fee treasury will be used to distribute to both holders and liquidity providers
So
if u own SSL, u can do voting or use it as a multiplier to boost the
farming rate.
If u own SERGS, u can stake and mint NFTs. Then
sell it in NFT marketplace.
End of the day, both holders and
liquidity providers will have equal fee distribution. Just the
utilisation of each token varies
Mary | Satoshi Club: So, they are both profitable 😀
Crazyfrog: Yes they revolve around the same ecosystem.
SERGS have to be successful for the entire ecosystem to be successful. Since they play the key role of generating protocol fees
Mary | Satoshi Club: Do we have any cryptoprojects with approximately same model?
Crazyfrog: Yes $MEME is one of them. But they are not 2-token model.
Usually ppl stake meme to get pineapple. Use that pineapple to mint NFTs. I’m not sure if they have protocol fees for holders and liquidity providers
But the NFT farming concept is pretty much the same
Mary | Satoshi Club: So, you are first) With this model)
Varun Ravi: There are plenty nft projects in space which are doing cool and innovative things.
However a lot of them are very generic and don’t really have much of a usecase or value. Our basic nfts will be similar to whatever is in the space however the rare and super rare ones will be insane.
What we are trying to achieve in the nft space will send shockwaves across the entire cryptoverse.
Especially the super rare nfts will be nothing like the nfts that are already available. At this point in time unless we close those deals it’s not wise to speak a lot about it and speculate.
Q3 from Telegram user @bitalik_vuterin
2.5% transaction fee is applied for every trade and it will go to the fee Treasury. The idea is great. May I know how much have you gathered in the treasury until now and how much are you gathering approximately every day?
Crazyfrog: The calculation can be done pretty easily. Just 2.5% times the daily trading volume.
In the first 4 days, it accumulated a total of 110K SERGS. We burnt 60K to maintain the 50k threshold in fee treasury.
So everytime it exceeds 50K in the fee treasury, it will be burnt
Varun Ravi: The remaining 50k is given out to as
30 % ssl liquidity providers
30 % sergs liquidity providers
20 % ssl holders
20%! Sergs holders.
The fees are rewarded in cycles
Mary | Satoshi Club: The numbers are tied to the number of SERGS, not their value, right?
Crazyfrog: Yes correct
Q4 from Telegram user @Splendicity
Your threshold for the FEE TREASURY is 50k usd. What happens when these conditions are met,do you plan reducing the 2.5 fee?
Crazyfrog: 50K SERGS. Not 50K USD.
When the total supply of sergs keep reducing, sooner or later, meeting 50K sergs in fee treasury with 2.5% tx fee will become harder.
In fact to speed up the burn process, active trades is important and fee treasury will accumulate it.
Since our cap is to meet 110K total supply, meeting 50K sergs in fee treasury will become harder. Value of sergs should go up if there are holders and active traders
Mary | Satoshi Club: Ok, where SSL and SERGS are listed now?
Crazyfrog: As of now, only uniswap
Mary | Satoshi Club: Do you plan more listings?
Crazyfrog: Let me be very honest guys. How many of the ppl are actually using different CEX other than binance,cb, huobi or kucoin.
If we have to go ahead with further listing, only this 4 CEX have to be targeted. If we can close a deal with them, ofc will be happy to list it there. 50K sergs is reserved for that and it’s currently locked in trustswap.
Other exchange listing are just 1 day news. Reality is, nobody trades there.
Mary | Satoshi Club: MXC also popular, to be honest) but i understand what you are talking about) And 99% agree with you) Uniswap became everything in one thing)))
Crazyfrog: Our upcoming listing will be LINKSWAP. 25% liquidity will be added there with SERGS/LINK pair.
Mary | Satoshi Club: Do you have dates?
Crazyfrog: Linkswap should gain traction with their rug lock mechanism. Uniswap have became a mess after all the back to back scams. As soon as their DEX goes live
Mary | Satoshi Club: Oh yes, it’s back or black side of decentralisation) I mean scams
Crazyfrog: Yup! But still, uniswap is the leader of DEX and many ppl ald got used to it with instant swaps. With a massive volume
Mary | Satoshi Club: Yes, but everything can change in the future 😀
Q5 from Telegram user @NataliyaKil
What is the minimum amount of SSL and SERGS I have to keep in my wallet in order to receive a 20% reward? And why should the number of SSL and SERGS be the same, what is the reason?
Crazyfrog: It doesn’t matter how much u hold. U will get the fee based on ur holding percentage.
Example if u r a holder of sergs and u own 2% of the total supply, u will get 2% of the protocol fees. That’s how it’s calculated.
The number of ssl is 1100, as it was a popular meme of link. $1K link eoy. That’s why on early days it was kept such way.
So for sergs, we just followed the same trend with 1,100,000 total supply. But now 61K sergs have already been burnt and this will keep getting reduced till we hit 110K total supply.
I’m also quite superstitious. So I usually prefer announcing news at 11.00pm sgt too xD
Mary | Satoshi Club: For me it is quite simple and clear:grinning: This numbers are forever? Or you can change them one day?
D. | Satoshi Club: haha what a magic number 🙂
Mary | Satoshi Club: Ahaha:joy: so, now we know when we need to check announcements)
Crazyfrog: Yess ppl should be able to guess now when we give the date lol
Varun Ravi: And since sergs is deflationary for holding the same amount of sergs your percentage can only grow
Crazyfrog: Nope, there is no way we can increase the supply. There is no mint function. It can only be burnt and reduced. But never increased
Mary | Satoshi Club: And the most annoying question – what about audit?)))
D. | Satoshi Club: this is your favourite question 🙂
Mary | Satoshi Club: We need to find new words for term ‘audit’:joy:
Crazyfrog: This is a very important question indeed. Every investors need to care about audits since they are literally putting their money into a contract.
A small bug or exploit can wipe off millions of dollars.
Regarding audit, we are using synthetix staking contracts.
Our LP farming pools are synthetix contracts too. Which has already been audited.
We will also publish our codebase into GitHub and any devs interested can review it too.
D. | Satoshi Club: can you share a link on your github?
Crazyfrog: We have not yet shared the code into github. Ppl can still view it via etherscan.
Once our NFT farming pool contracts are done, I will publish the dApp codebase and also the contracts too
Sergs LP staking contract – https://etherscan.io/address/0x62f4976d0d90b42a40cc0150f26876dc6495b468
SSL LP staking contract – https://etherscan.io/address/0x16187419a4385ac77f1377246b970230d9336d96
U can click on contract tab and view the contract source code
Varun Ravi: Even in our last ama there were people from the community who volunteered to find bugs or exploits. @cra2yfrog has always been open to approaches from devs within the community too
Crazyfrog: We also did a SERGS contract breakdown explanation, so any layman can understand too.
https://sslcomms.medium.com/sergs-contract-breakdown-5ded56e8f2c3
Q6 from Telegram user @Brainchest
Help me understand. Getting YOU, JUST & WIN tokens depending on my stake. No\I can’t find information about the size of the stack, so I’ll ask for an example. I have enough in the stack to get a WIN token, but I want a YOU token or JUST token in order to create a Limited edition. Will I need to withdraw some of the coins from the stack so that there are fewer of them?
Crazyfrog: Ur farming rate depends on the number of ppl in the pool.
Example, let’s say a total of 10 poolers and a total of 1000 sergs been staked in YOU pool.
So if you have staked 100 sergs, ur pool share is actually 10% and u will be farming at that rate.
You can split ur sergs across all the 3 pools if you want to own all the 3 tokens. Depends what type of NFT u want to mint.
Usually the WIN pool will have a longer farming rate, with a minimum number of sergs need to be staked. We will soon release a medium article regarding this, so everyone get the info they need
Withdrawal of ur SERGS is flexible, u can withdraw anytime u want.
Mary | Satoshi Club: It’s so simple) i like this) Did you ever think to add pools with locks?
Crazyfrog: Yes we can consider that. I feel 2 days will be decent.
Mary | Satoshi Club: Btw, did you already used governance functions? I mean your community?
Crazyfrog: Not yet, governance portal is in the roadmap. For now only thing that is live is LP stake pools. Followed by NFT farming and then governance portal. There is a discouse forum too. Ppl can always post their suggestions out there and have discussion in that portal
Mary | Satoshi Club: In 10 days, right?
Crazyfrog: NFT farming, yes 10 days
Mary | Satoshi Club: Great! We will wait for the announcements!)
Part 2 — live questions from the Telegram community
Q1 from Telegram user @KevSalom
– Since your project started as a simple hobby or pastime I guess at first you didn’t take much into account the issue of security or anything like that right? Later when it started to be a serious project did you have to make many adjustments or was it enough with an authorship to see if everything was in order?
Crazyfrog: Yes, at first it was just a token.
security have to be focused on dApp contracts where ppl pool their money in. Which is why we chose to use synthetix staking contract. Until 2 days back it was just a website.
Synthetix staking contracts are already audited and we have done necessary testing on testnet before we rolled out.
We are also planning to allocate some sergs for bounty program so that any devs can review it too, via our github.
Q2 from Telegram user @DiegoRME
Lately the ETHEREUM network, the famous erc20, is having many problems with gas congestion, causing users to decide to choose the networks with less gas congestion such as BEP-20, TRC-20, BEP2 etc … Which led them to choose the one ETHEREUM ERC-20 network? What benefits can the ETHEREUM ERC-20 network offer you? Is the cell having congested gas that other of these previously mentioned networks cannot offer?
Varun Ravi: Sergs was initially launched on zilliqa. We are actively waiting for the zil eth bridge which would allow us to be parts of both the ecosystem.
Scalability is definitely an issue in eth so there is always the option of using layer 2 solutions such as matic.
The priority right now is to get the nfts going.
Q3 from Telegram user @jpsarmah
SSL launch had stopped the downtrend for LINK and it started the recovery path. Will SERGS do something like that and why is SERGS necessary and in most dual token structure, one token suffers a lot in price while other booms, what will the fate of SSL and SERGS?
Crazyfrog: Tbh, I wouldn’t even have gone for 2-token model. SSL was airdropped, there was no presale. Liquidity was bad due to that and the supply is too less to carry on with NFT staking.
Which is why we had to come up with 2-token model ecosystem. Sergs had presale, sufficient liquidity was added and tokenomcis of sergs was well planned.
We can’t carry on with ssl as it do not have any transaction fee function. That’s why ssl will act as governance token + multiplier for farming.
Q4 from Telegram user @btcltcrich
I still don’t understand you are following the community’s request to move the blockchain, from ZRC to ERC. What is the reason for this transfer? whether the ZRC blockchain is not good enough, so decided to move to ERC.
Crazyfrog: I’m a huge fan of Zilliqa. Reason why I first deployed SERGS on zil chain is because the gas cost is way too cheap. You can make 10 swaps with a dollar spent.
We also conducted socialpay to bring in user adoption. Where ppl can tweet about sergs, and claim their rewards via the dApp. We had 5000 wallets over 24hrs. But I was disappointed with the result. Bcoz those who participated took all the effort to create zilpay wallet, explore zilswap, transfer zil for gas… but none of them spent 2 mins to understand the utility. All sold the 10 sergs for a penny and left.
It was a struggle for us bring in user adoption. I explained this concern to Zilliqa team and they understood too. They were supportive to me regarding the migration and that’s why we moved back to eth chain.
Until zil-eth bridge is live, everyone will be on eth chain. Once interoperability bridge is live, users can always move between both chain to do the swaps. If they prefer to.
Q5 from Telegram user Ross
Whenever an individual makes a trade, 2.5% of the fee will be flowing into the fee treasury address. Why exactly 2.5? Is thst the total fee or is it more for network maintenance?
Crazyfrog: Let’s say an individual makes a trade worth of $100 to buy/sell sergs… 2.5% of it will be flowing to fee treasury. This will be the protocol fees for both holders and liquidity providers.
Q6 from Telegram user @konditer_rolex
It seems to me that you are too modest. Your website on the betting page lacks the most important button – BUY. Of course, I assumed that you can buy on Uniswap, I looked on the site for the address of the contract. But to my deep disappointment, I did not find you on Uniswap. a logical question where can I buy your tokens? Can I get your tokens for free to try how the pool works?
Varun Ravi: We are already on this and the website should have links to uniswap for both ssl and sergs.
You can find them here
Ssl
https://app.uniswap.org/#/swap?inputCurrency=0x0d9227f9c4ab3972f994fccc6eeba3213c0305c4&outputCurrency=ETH
Sergs
https://app.uniswap.org/#/swap?inputCurrency=0x79ba92dda26fce15e1e9af47d5cfdfd2a093e000&outputCurrency=ETH
Q7 from Telegram user @NataliyaKil
Many projects have their own NFT cards. What do you have? Can I see it somewhere? And do you conduct promotions and drops with NFT for your users?
Crazyfrog: Our artworks are going on and it will be crypto all stars. like vitalik, Andre, sergey,cz, etc.
Users can stake their sergs to mint those NFTs and claim their ownership for it. So they could sell those in NFT marketplace like opensea or rarible
Varun Ravi: But this would just be our basic nfts. We have super cool things planned for the rare and super rare ones
Q8 from Telegram user @Medtechh
Trust and Security are vital fundamental in crypto space today, so how Secure are you to avoid hacking and ddos attacks? And also Adoption is one of the important factor that all sustainable blockchain projects should focus to be more attractive in the investors’ eyes. Can you tell me what you have done and plan to do to achieve Adoption in the reality, real use cases, our real society.?
Crazyfrog: Many assumes NFT is just digital collectibles and artworks. That is just one example of NFT. Potential of NFT is huge, literally any real world assets can be NFTed into blockchain.
Example, if there is a shop owner issuing discounts for his merchants… he can NFT that, ppl can farm those and claim those items with token of discount. It will be a one to one trade.
If I want to sell my car, I can NFT that into a contract and the buyer will be transferred with the ownership. There will be no middlemen, and everything done via chain.
Regarding security, earlier one folk DDOS’ed our website and he was demanding for 1 ETH. We mitigated within 15 mins. It’s all about using reverse proxy and DNS that can protect ur frontend form ddos attacks.
And also for Super rare ones, we are looking forward to bring that to NFT space. If we can close the deal successfully, we will be the first one to come up with that. Hope that falls in place
Q9 from Telegram user @Boylut
I saw it somewhere that even without staking, holders will still earn rewards for holding, how true is this?
Crazyfrog: Yes, but they will be rewarded once in 4 weeks. Weekly snapshots will be taken to Ensure the actual holders benefit. Their reward percent will be lesser compared to liquidity providers.
So holders can strategise themself. They can choose to half, use remaining half to farm and mint NFTs. Their sergs are always reusable to farm and mint NFTs.
Q10 from Telegram user @Arisabela
SERGS offers 3 combos of pools to mint each. Can you explain the differences between a Normal, Rare and Limited edition of NFTs? What can users do with a limited edition and not with a normal one?
Crazyfrog: Normal NFTs usually have huge number of supply. Rare is comparatively lesser and limited edition will be few handful of numbers.
So the artwork will be categorised based on the demand for it. If you own the limited edition, u are one of the few having ownership to it and if anybody interested to buy those, the fee will be going to u.
Part 3 – Quiz Results
In the final part we tested your knowledge in terms of SERGS. They’ve prepared 4 questions for this part. The total reward pool for quiz was 1000 SERGS.
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
Twitter: https://twitter.com/realsatoshiclub
Website: https://esatoshi.club/
Our partners:
SERGS Community: https://t.me/sergssale