Vesta Protocol x Satoshi Club AMA Recap from 28th of August

Vesta Protocol x Satoshi Club AMA Recap from 28th of August

Knowledge is the most valuable asset and our Satoshi Club community know that. Today we would like to tell you about the AMA session with our friends from Vesta Protocol. The AMA took place on August 28 and our guests were  Johnny Kane (CEO) and Rexx Dillon (COO).

The total reward pool was $500 and it was splitted 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

Serg | Satoshi Club: Hello dear community! @vtp_network are our guests today!

Irina K. | @satoshi_club: Hi all and welcome @Rexx_Dillon and @johnnykane. Thanks for taking the time to join us.

Rexx @ Vesta Protocol: Thanks. glad to be here.

Irina K. | @satoshi_club: How are you today?

Rexx @ Vesta Protocol: Doing great.

Johnny @ Vesta Protocol: Hi guys.How’s going?

Irina K. | @satoshi_club: For starters please tell us a few words about yourselves and about Vesta Protocol.

Rexx @ Vesta Protocol: Ok, well, I’m Rexx, COO of Vesta and Johnny is our wonderful CEO.

Johnny @ Vesta Protocol: For sure, hi folks, I’m Johnny, the CEO of Vesta Protocol

Serg | Satoshi Club: Great, we have a wonderful COO and CEO today. 🙂

Rexx @ Vesta Protocol: Vesta is a liquidity pool provider for UniSwap that pays ETH daily from the liquidity pool and burns an equal amount of Vesta tokens.

Johnny @ Vesta Protocol:  Vesta Protocol is a liquidity passive income generation protocol which aims to improve the ROI for each liquidity maker. It encourages liquidity makers to increase liquidity via UniSwap by locking their liquidity. That’s the description on WP.

So basically what we are doing is the liquidity provider for the UniSwap ecosystem. To encourage everyone to provide liquidity by providing incentives.

Serg | Satoshi Club: How did you get this idea?

Rexx @ Vesta Protocol: People lock their liquidity on UniSwap and we withdraw 5% of the ETH from the liquidity pool each day and pay to the top 50 people… like tomorrow for our first day of payouts it will be 120 ETH.

Johnny @ Vesta Protocol: The reason behind is that we found there are a lot of projects lack of liquidity on the UniSwap. Vesta protocol is the pioneer. The mechanism can be applied to other projects. But of course with some benefits to VESTA holders.

Irina K. | @satoshi_club: So you’re like a bank for the Uniswap ecosystem?

Rexx @ Vesta Protocol: It’s more like the gas in a car. You have a nice car, like exchanges and tokens, but not enough gas to make them tradable.

All people need to do is lock their tokens on UniSwap for Vesta and be among the top 50 and then they share in the payout. Tomorrow (29 of august) is the big payout because it’s the first. But there is a payout EVERY DAY. That’s how the model works.

Johnny @ Vesta Protocol: Also people recently raised concern on the dump and pump for the price of VESTA. However, the circulation decreases all the time. We also have external liquidity algorithm.

Irina K. | @satoshi_club: Ok, thank you guys for the introduction. I think we can start with part 1. 😊

Q1 from Bitcointalk User Elissa

You have a deflationary policy. Please explain how many tokens are you burning and for how much time?

Johnny @ Vesta Protocol: So it depends on the amount of ETH pay back and the price of VESTA. For example, the payout is around 120 ETH tomorrow.  The same value of VESTA will be burned, which is 120 ETH of VESTA.

Rexx @ Vesta Protocol: Yes, so the ETH is paid out each day at 5% of the total liquidity pool…and equal value of Vesta is burned.

Irina K. | @satoshi_club: And it’s paid in ETH, right?

Johnny @ Vesta Protocol: The higher the price of VESTA, the more the ETH is in the pool.

Serg | Satoshi Club: How was this amount established? 120 eth. also 5%?

Johnny @ Vesta Protocol: Since the payout for the first day is accumulative for 3 days. Thats why it’s 120 ETH. The lower the price of VESTA, more VESTA will be burned when same amount of ETH are paid to the liquidity providers.

Serg | Satoshi Club: So, you have 2400 eth in the pool?

Johnny @ Vesta Protocol: So, the presale amount is around 2000 ETH. 50% of ETH was added to the liquidity pool.

Rexx @ Vesta Protocol: We immediately locked nearly 1000 ETH from that presale into the liquidity pool. So, each day, 5% is paid out from this pool. So, for three days, its about 3 x 5% of 1000 ETH.

Serg | Satoshi Club: Got it. What about when the pool nearly gets to zero ETH?

Rexx @ Vesta Protocol: We are one of the highest liquidty pools on UniSwap now. No, it keeps getting replenished. @JohnnyKane did you want to explain that?

Johnny @ Vesta Protocol: That’s the question raised by many users. So our mechanism encourages people to compete with each other.

Rexx @ Vesta Protocol: I think they are asking how the ETH pool doesn’t eventually run out.

Johnny @ Vesta Protocol: So if you are willing to buy 1 ETH of VESTA and add it to the liquidity to get 1 ETH back?

Rexx @ Vesta Protocol: Yes, so if you buy Vesta, that means you are putting in ETH, right?

Johnny @ Vesta Protocol: Are you willing to spend 5 ETH to purchase VESTA and add liquidity to get 1 ETH reward?

With the higher price in VESTA, so everyone will think like that.

Rexx @ Vesta Protocol: You see, with the daily rewards, it means people need to compete to stay in the top 50. So, competition means they need to buy more to out-do each other…that pushes the price up for everyone and also contributes more ETH each time someone buys Vesta when they are competing.

I hope it’s clear. The whole concept revolves around generating competition in the market.

Johnny @ Vesta Protocol: If so, the ETH in the pool will at least attract 600 more ETH add into the pool.

Serg | Satoshi Club: If only the top 50 gets the big reward, don’t you discourage the small hodlers?

Rexx @ Vesta Protocol: Not really, because the small holders still benefit when the bigger players compete to hold enough Vesta and push the price up. the big holders want that daily ETH payout, so they need to buy more ETH to stay in the top 50 and that pushes the price up for everyone. So even small holders benefit from the model.

Johnny @ Vesta Protocol: That’s another question we got all the time. The pay back will be more attractive in the early stage if we keep that to top 50. We will build our DAO as well.

Rexx @ Vesta Protocol: Yes, the next step is to build the DAO so that it can be community run. We are pretty smart, but we know there are smarter people out there than us that can see directions we can’t.

Q2 from Bitcointalk User bitmartbounty

It has become a trend today for people to participate in Pre-sale and then dump upon listing in markets, how does VESTA seek to avoid this?

Johnny @ Vesta Protocol: We cannot avoid FUD, that happened to us before actually. It may affect how people judge a project as some of them don’t read wp.

Rexx @ Vesta Protocol: Yes, we already finished our presale 2 days ago. There was a bit of selling pressure but I think that some people just didn’t know that the ETH payouts would start in 3 days after the presale…. some people don’t read enough about the projects they invest in haha.

Serg | Satoshi Club: Yes, the algorithm you mentioned needs some time to show its effect and profitability.

Rexx @ Vesta Protocol: FUD is always a problem. Our competitors are worried and try to FUD us. But, we released an article on Medium last night explaining all of our smart contract code, so people can see for themselves everything is legit. that really helped a lot.

Johnny @ Vesta Protocol: What we can do is to work hard to make the whole ecosystem better.

https://medium.com/@VestaProtocol/analysis-of-vesta-protocol-presale-contract-de665a7a3ce3?source=friends_link&sk=1ed01989305f5b1bd104b664bbf28038

Analysis Of Vesta Protocol Presale Contract

Rexx @ Vesta Protocol: if anyone here understand smart contracts, they will understand that article. If not, it might be a tough read haha just saying.

Johnny @ Vesta Protocol: So yes, please have a look at the medium. Also a graph to explain a bit more about the liquidity contribution mechanism.

Q3 from Telegram User @max_serbov

Please explain what are the benefits to contribute to the liquidity pool? What are the average returns?

Johnny @ Vesta Protocol: A part was covered before. I’m looking for the rank for you guys. https://etherscan.io/token/0x488d9969abe6a439368c1f959d5be4b47433cd8a#balances

And for now the ROI is over 1000%. The liquidity providers are not even 50 yet.

Irina K.| @Satoshi_Club: 😊 Sounds too good to be true.

Serg | Satoshi Club: I might hope in. when is the deadline?

Rexx @ Vesta Protocol: The first one will be in less than 12 hours from now…but they repeat every day.

Ya, I think people are probably thinking that it will be hard to be in the top50. Not right now, it’s still early. You can see in the list that it doesn’t take much right now to share the daily ETH.

Serg | Satoshi Club: This wallet is also participating?

Rexx @ Vesta Protocol: No, that one is excluded.

Irina K.| @Satoshi_Club: Can you share why?

Johnny @ Vesta Protocol: That’s the address of team and not eligible for the reward. It’s locked by SC.

Q4 from Telegram User @Brainchest

What are the guarantees that the team will not take all the money from the liquidity pool? Is the full blocking of access for the project team spelled out in the contract and where users can get acquainted with the smart contract?

Johnny @ Vesta Protocol: Yup, can be referred to the medium link we shared before actually. All our major processes are controlled by the smart contract.

Serg | Satoshi Club: We can share some small explanation if it’s possible 🙂 or it’s better to refer to the link?

Rexx @ Vesta Protocol: Yes, we believe using smart contracts is more safe and gives people more confidence.

The funds were immediately locked on UniSwap at the end of the presale automatically using smart contract. Thanks. yes. for those who understand smart contracts, you can give that a read. https://medium.com/@VestaProtocol/analysis-of-vesta-protocol-presale-contract-de665a7a3ce3?source=friends_link&sk=1ed01989305f5b1bd104b664bbf28038

Irina K.| @Satoshi_Club: Yes, everything is transparent this way.

Johnny @ Vesta Protocol: That’s the reason we prepared that to prove we are legit haha.

Q5 from Telegram User @thinhtran15

Who will have the final say in development and business decisions? How much will the elected representatives be able to influence when it comes to business and development decisions? Will the company have some kind of veto when it comes to decision?

Johnny @ Vesta Protocol: So for the very early stage, pretty much a professional team is better. Quicker for decision making etc. But DAO is the priority of our job in the following month.

Irina K.| @Satoshi_Club: Do you plan in the future to change this?

Rexx @ Vesta Protocol: Well, as we say in the white paper. We will transition to a DAO to allow the community to decide on the major direction of the protocol.

Johnny @ Vesta Protocol: Forming up a DAO to select the right project. Everyone has the right vote.

Serg | Satoshi Club: How about until then? how are the decisions made?

Rexx @ Vesta Protocol: Until then, Johnny is the boss…haha.

Johnny @ Vesta Protocol: Our mechanism is good enough, so we don’t worry about that.

Rexx @ Vesta Protocol: But, as we mentioned, most of the processes area controlled by smart contract. so, really the main parts are already covered. Again, we make all of our smart contracts available so people can trust the smart contracts and don’t need to trust people haha. A lot of other projects you have people running things, but much of our protocol runs on smart contracts so people are taken out.

Irina K.| @Satoshi_Club: When DAO will be fully implemented, will this smart contracts be voided and the decisions will be taken by the community? Or you intend to keep them?

Johnny @ Vesta Protocol: DAO will also decide that, but if the mechanism works well, I can’t see a reason to not using it.

Q6 from Telegram User @anditgoestome

You claim to have protection against price manipulation and black swan events. How can you do that?

Johnny @ Vesta Protocol: I’m not sure is this diagram is clear enough or not.

Serg | Satoshi Club: It’s clear but we can explain it a bit.

Rexx @ Vesta Protocol: We set aside 8% of the funds from the Presale for our external liquidity algorithm. This algorithm can step in during strange price events or black swan events.

Serg | Satoshi Club: So, they are already there, right?

Rexx @ Vesta Protocol: Yes, the funds are already there. I think @JohnnyKane was just going to show where the algorithm is shown in the diagam and how it kicks in to help the price when necessary.

Johnny @ Vesta Protocol: The UI for liquidity providing ranking will also be available on our website.

Rexx @ Vesta Protocol: Yes, we will have a new UI Dashboard going live on our website tonight where everyone can check their rankings for the payouts and timer, etc.

Irina K.| @Satoshi_Club: That’s good info. Thanks.


PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS

The chat was open for 80 seconds; a lot of questions were posted by Satoshi Club community. Our guests chose some of them.

Q1 from Telegram User @Nickkiii

I’m interested in investing, though I missed the Presale round, do you plan to have a public sale soon?  If yes, how many rounds you’ll have, what’s the minimum and max cap?

Johnny @ Vesta Protocol: Starting with the first question, so yup, definitely, the trading is now available on: https://app.uniswap.org/#/swap?outputCurrency=0x3AeF8e803BD9be47e69b9f36487748d30D940b96. We only have presale round.

Q2 from Telegram User @nyo_cant

VESTA will make a first payout of around 150 ETH. Would such amounts be the same long-term? How can Vesta Protocol ensure sustainability?

Rexx @ Vesta Protocol: Someone is asking about the payouts if they will all be 120+ ETH. Well, the first one will be because it is the first one and it is accumulated from the first three days since we finished presale but didn’t payout yet. So, it’s actually 3 days combined. But, after that, daily payouts will continue but not quite as much. But, the daily payout will be shown on the UI dashboard that will go live on our website to make it easy for users.

Q3 from Telegram User @Temidayo16

You raised 1984.6ETH during the pre-sale, apart from liquidity providers, would the liquidity of Vesta Tokens be enhanced with part of the pre-sale raise too?

Johnny @ Vesta Protocol: So yup, the presale finished and we raised around 2000 ETH, our target was 500 ETH. Maybe ppl just too into us. haha, so the more we raised, the more the ETH payback will be. Which is more attractive. And liquidity providers will be more willing to provide the liquidity.

Q4 from Telegram User Saki G

What is your main goal with the future of vesta?

Johnny @ Vesta Protocol: An user made us a slogan “The liquidity King”. Vesta Protocol will be the showcase and model for all DeFi projects. Vesta Protocol will be proving presale license for these promising projects.

Q5 from Telegram User @cryptolover1010

STAKING is very popular topic recently. Please tell us in detail about the $VESTA Staking plan and the benefits of adding staking?

Johnny @ Vesta Protocol: The benefits for staking is huge, as mentioned, trying to be the top 50 liquidity provider, you will receive the daily payback. Even if you just hold vesta, you will enjoy the profit from the price pumping.

Q6 from Unknown Telegram User

…

Johnny @ Vesta Protocol: The long term benefits are obvious. The increasing in the ROI of liquidity providers is one, due to the deflation mechanism, the total circulation of Vesta decreases all the time and price of vesta will keep increasing.

Q7 from Telegram User @ndbetting

Considering that your team is anonymous, how do you plan to gain the confidence of the people? Are there some specific reasons behind anonymity?

Rexx @ Vesta Protocol: I think crypto regulations are always changing, so one can never know what laws will come in next year that will screw things up for people. So, we just like to be careful. But, as mentioned, we prefer to let our smart contracts do the talking. I would trust smart contracts over people anyways too haha, and we have published explanations of our smart contracts so that everyone gets what is happening. If anyone came in late, you can post that link to the Medium article again later perhaps.

Johnny @ Vesta Protocol: Ok, more background of ourselves, our team is literally a decentralized team. Like me myself, live in Sydney and other team members are also from different areas. By using smart contract, no trust is required. That’s the spirit of blockchain. We do believe the smart contract is more reliable thank people.

Q8 from Telegram User @Termuxnih

How do you plan to promote about your project in different countries? where English is not spoken very well. Do you have a local community so they can understand your project?

Johnny @ Vesta Protocol: Oh yup, so we have the Vietnam community and Chinese community, we will also have Filipino, Indonesian, Korean and Japanese community. International community is what we need.

Rexx @ Vesta Protocol: We did have an arabic community, but that didnt work out too well. We plan to add one soon again, though.


PART 3, QUIZ AND INFO

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about Vesta Protocol. A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer. 300$ were distributed among winners. You can check the quiz winners list here: https://t.me/Satoshi_club/234828

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

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Our Partners: Vesta Protocol Official: https://t.me/vtp_network

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