AMA content review
💗Host:Cyrus, Hotbit AMA Host
💗Guest:Devsin, Founder of Defi100 Farms
Cyrus: Let’s welcome D3vsin — Founder of Defi100 Farms @d3vsin to introduce 【Defi100 Farms】 to us in AMA. Thank you for being with us today. Let’s begin!
Could you please introduce yourself to our community firstly?
Devsin: Hey, Everyone, I am Devsin, I am one of the core team member of DEFI100 Project. We are a new project on Binance Smart Chain and we have recently launched our new token xD100 which is trading on Hotbit as well as PancakeSwap.
Besides me, there are 2 other members in the core team, who are responsible for looking after development of the protocol. In our extended team we have 4 more devs who come with various expertise in their respective domain.
The Core team which is behind the DEFI100, comes with experience of over 8–10 years in the field of developing software and cyber security.
Cyrus: Please tell us more about DEFI100 and Defi100 Farms?
Devsin: DEFI100 is a synthetic asset with elastic supply pegged to the DEFI Market cap which is derived from Coingecko. It is the first project on Binance Smart chain that is pegged to synthetic indices. The Rebase in DEFI100 is powered by our partner’s decentralized oracles. xD100 is a new project which we just launched last week and got listed on Hotbit as well as traded on PanCakeSwap.
It is a governance and farming token of the DEFI100 ecosystem. We are currently working on making DEFI100 protocol completely decentralized and turn it into DAO. Once that is done, the protocol will be managed by the holders PanCakeSwap Also, the xD100 will open farming and pools for various pairs and tokens in its farms and vaults by next week, where people will be able to earn xD100 by staking and farming as a reward on high APY.
Cyrus: Which staking and farming pools will be available on Defi100 Farms?
Devsin: Next week when our farms and vaults will be launched, we will have following pools available for farming and staking:
in vaults, our community will be able to stake following coins/tokens:
Subsequently more farms and pools will be added to expand our farming environment.
Cyrus: When will the Farming open on your Defi100 Farms? What are your future plan with the project?
Devsin: We are currently in testing stage of our farming contracts. We are looking at next week or rather before that when our farms and pools will be going live. Once the farms and vaults are launched, we will then start working on marketing and promotion of our protocol along with audit of our farming contracts. At later stage when we will enter the expansion phase of the project, we will start developing lending and borrowing platform which will incentivize our investors by an opportunity to earn dual rewards in the terms of xD100 and tokens deposited in our vaults. This we will start working in Q2 2021.
Cyrus: What are your plans for marketing and community development?
Devsin: We are in touch with major YouTube crypto influencers and twitter influencers regarding marketing of the platform. We are currently awaiting proper launch and audit to be complete and once that is done, we will start proper marketing which will include YouTube, twitter, banners and articles.
So you can expect some good marketing as decent budget has been kept as reserved for the same. Also, one of the major policy we made for our project is that no marketing related expenses will be paid in tokens as it can impact the price action. So our investors and holders can be rest assured that the marketing and promotion of the token will not be on the expense of their holdings.
Cyrus: Now we move to the last segment of the AMA session public Q&A,Now let’s invite @d3vsin to pick some good questions to answer.
@Winner10o: Tell us a little bit about security? Have you done an audit of the platform? Are the smart contracts error-free? What are the test results?
Devsin: We are very much concerned about the security of our protocol. you can say that security is our one of the top most priority. For DEFI100, we are getting dual audits, by Solidity Finance and by Certik which will be coming with Certik Shield. So in similar aspect we will be taking care of DEFI100 Farms contracts. They will be properly audited by reputed auditors.
@happyboy10: Kindly explain more about your Tokenomics, Release Schedule and UTILITY, is it inflationary or deflationary?
Devsin: The initial Supply of xD100 was kept at 100,000 xD100 tokens. out of which 50,000 tokens were distributed in a fair distribution to the holders of D100 tokens, in the same percentage in which they held D100 tokens. Remaining tokens were sent for creating initial liquidity on PanCakeSwap and for liquidity pool on ValueDefi, our partner. Currently those who are holding xD100 can stake their xD100-BUSD LP Tokens on ValueDefi and can get amazing returns with block reward set as 0.0124 xD100 per block.
The Token in its nature is inflationary. which can be farmed or mined only by farming and staking on our pools which will be launched next week. Just like any other farming tokens like sushi, cake etc., there is no upper cap on it.
@gfuieb: Regulation is very important. Many projects were closed in many countries due to failure to use the correct regulations and permits. In order to go global how does the Defi100 team deal with these issues?
Devsin: Legal aspects are another thing that we as a company taking very seriously. Currently our company is based in United Kingdom, which we are in the process of shifting to estonia, which is more crypto friendly. We have already applied for e-residency for all the directors and looking at migration to Estonian digital world in next 2–3 weeks.
In near future we will be applying for crypto license once our company is formed and migrated to Estonia.
@NisalHarshana: Large number of investors are required to provide high liquidity for DeFi projects, But most of investors like to invest their money on well established DeFi projects due to lack of insurance and security breaches. How can your team attract new investors to your project?
Devsin: If you look at DEFI100, at present we are not focusing on marketing and promotion of the protocol, rather developing the foundation which is a must for any business. However, in short span of 3 weeks since we launched, you will see that we have accomplished quite a lot. If i name the achievements so far, they will be as follows:
1. Listed on CoinGecko & CoinMarket Cap
2. For more than 10 days, DEFI100 was among the top volume pair on BakerySwap with average volume exceeding $5 million per day.
3. xD100 and D100 both trading on good exchanges besides AMM/DEX
4. Audit by Solidity Finance complete and Certik.io under process for D100
5. D100 listed on Safepal
6. Our partners include DIA Data, ValueDefi, BakerySwap and more coming soon.
So once we start with brand awareness and marketing of our protocol after setting the foundation right, I don’t doubt there will be anything but the growth in the protocol.
@AhmedYehia13: In the near future, does #Defi100 have any special ideas to attract & expand the community?
Devsin: Yes, we are actively looking for attracting new DEFI players and expanding our 8500+ community. We will be having trading competition, regular AMAs with major communities, various events that will make the community more interactive.
@halima313: Do you guys have any video that explaining what DEFI100 really is. What’s DEFI100 is focused to do. It’s really important because some people like me understand better when the explanation comes with a video form?
Devsin: We recently posted a video on our YouTube channel, where we tried explaining what is DEFI100 and how positive rebase works. Soon we will be releasing its next episode as a part of educating our community regarding negative rebases. Along with it, we will be releasing more videos and explainers on how farming work and what is xD100.
@ronaldo_super: How do you plan to raise awareness about Defi100 in different regions where English is not spoken well while creating local communities?
Devsin: We are actively creating new and local communities oriented group to support our diverse community. We currently have groups for Japanese, Chinese and Spanish investors who are active in our community. We will be adding more of such groups as we will continue to expand.
@abirkhan123: From my experience, a lot of users exit Rebase Projects after the 1st negative rebase. So what distinctive features are the Defi100 team bringing in as a solution to make users stay and be with the project for long term?
Devsin: xD100 is one of the solution that we worked upon to make DEFI100 more lucrative. From next week once our Farms and vaults goes live, the revenue generated in form of Pool management fees will be used for buying back and burning of D100 tokens as well as for growth of our protocol.
@benedictmedhurs: Do you have any plans to launch a DAO for holders to decide the future of DEFI100 project, if yes, how will decisions be made?
Devsin: Yes. DAO is already in making. The holders of the xD100 will be the people who will decide upon the fate of D100 as well as xD100 once the DAO is implemented. There will be a certain limit of holding that will be required for proposing changes and calling for votes by the community.
We will be keeping it to a bare minimum so that maximum of our community can participate in the improvement proposals. The DAO will be able to implement numbers of things that will impact the way DEFI100 rebases, maintains its peg and in case of xD100 the rewards per blocks, Lending & Borrowing rates, etc.
@jvoiue: Currently most investors only care about profits at the moment but ignore the long-term benefits. So can you give them some advice why they should buy and hold this token/coin in the long term?
Devsin: This being the last question, I find very relevant for those who believes in holding. Being a farming token, where you can earn more xD100 as reward for farming and staking, one thing that our long term investors need to understand is that, If they will just hold the token in the wallet, it might not yield them results as it may, when they put the token to work. Whether it is in form of staking in vaults, or by providing liquidity and farming the LP tokens. Then only it can yield results in longer term. and of course the compounding is something that one must do when dealing with tokens such as ours.
Cyrus: Thank you so much. The above is all for today’s AMA. If you want to know more about Defi100 Farms or have more questions about Defi100 Farms,
please check Defi100 Farms’s website and community links can be found here.
Official Website: https://defi100.org/