Recapitulation of Berserk Finance AMA event held at AMA LOVERS CLUB

Venue: https://t.me/amaloversclub
Date: Wednesday, 18th November, 2020
Time: 16:00 UTC

The Berserk Finance team was represented by @CaptainYALPHA. He judiciously shared with us detailed knowledge and information about the project.

1st Segment: INTRODUCTION

Q1 : Can you please introduce yourself and your background, also introduce the Team working on Berserk Finance

Ans : Sure, Berserk Team has 3 core members in it.

I'm the owner and project developer. I've been a Solidity developer for over 3 years. I've been a part of some projects before where I was asked to help either as a side dev or as an external associate.

We have front end developer who has 5 years experience in this field and also another developer who is helping me with testing of Solidity codes and with marketing.

Q2 : Can you introduce the Berserk Finance project, what critical problems does it solve that existing solutions are not solving and what’s the competitve advantage

Ans : Of course.

In short, Berserk $BER is a governance token of Berserk Finance which integrates one of the most important functionalities of $CORE , $ORBS and $YFI.

It implements CORE’s distribution to the pools through fees and liquidity locking, YFI’s governance voting and ORBS time lock (grace period) where users can’t withdraw their tokens from pools until 2 weeks month has passed without receiving any penalties.

We believe that we have competitive advantage and we will highlight it by focusing on what we believe each of those projects did wrong and what Berserk did to improve it.

So here are some of the CORE problems:

1. CORE locks liquidity completely meaning users are trapped in the pool and can't sell their shares even if they want it to
$BER solves this by having grace period that can be voted on and changed by users who are staking in the pool.

2.CORE "circle jerks" its supply and users receive payouts in pool based on already fixed supply. If there's no transactions, no one receives any rewards.
$BER solves this by having fixed inflation per year so that even if transactions stop, there will be rewards in the pool. Rewards can also be voted on and changed by users who are staking in the pool.

3. CORE has a bug where it's liquidity can be removed once added to Uniswap.
$BER doesn't have this bug as $BER locks liquidity in contract of the pool and not on Uniswap and liquidity from pool can only be removed without penalties after grace period has passed or during the grace period but with 20% penalty.

Here's what we believe YFI did wrong also:

1.YFI gives no external plan or platform to constantly provide value to itself and their holders.
Berserk finance will introduce BerserkSwap with plans of constantly buying part of BER supply using the fee’s gathered on the exchange. This will create a permanent buy pressure on BER.

And here's what we believe regarding ORBS:

1. ORBS provided an interesting concept with the time locks and forbidding users to withdraw tokens until certain period of time.

We believe that ORBS made a mistake where they handled too big of the rewards from users and inflation rate was off the charts. We introduced many new mechanics here and introduced a grace period of 2 weeks where users are able to withdraw their tokens from staking pool after 2 weeks without any penalties.

If they decide to withdraw during that period, 20% of their staking liquidity gets locked forever.

By that, users are not limited and can get out whenever they want, but they have to understand that there’s a penalty if they do it within first 2 weeks.

Q3 : Can you briefly describe the Top milestones you have achieved and your target milestones with timelines, also share your roadmap

Ans : Here were our milestones:

1- Deploy token, pool and voting contracts
2- Lock liquidity on Unicrypt
3- Burn minting keys

Currently we are in stage where we want to market product as much as possible and get more people to see it as we believe token has very interesting specifications that noone on market is offering right now.

Roadmap for the future is:
1- Enable voting for inflation by stakers ( timeframe: next week )
2- BerserkSwap ( time frame: 3 months)

During the launch of Berserk we had 0 problems with pool and entire protocol. Everything is working as prescribed where stakers are getting tx-fee from trades and transactions. So that is also a very big milestone for us.

2nd Segment: TWITTER QUESTIONS

Q1 : Regarding future plans for Berserk Finance. What are the unique and different features of BerserkSwap? What about the swap fee at BerserkSwap, is it high and also needs to increase the slippage to swap?

Ans : BerserkSwap will be special because the fees for trading Berserk will be 50% times lesser than they are on Uniswap. This is hardcoded in the token contract and this will make users trade on BerserkSwap rather than trade on Uniswap.

Slippage will need to be 2.5% only because of that. (as opposed to 5% that is currently on Uniswap due to burn)

Regarding the unique features on BerserkSwap, we plan to introduce many things:
- Full Uniswap fork
- Ability to create Crowdsale for your tokens (similar to Bounce.finance)
- Ability to create stop limit and buy/sell orders similar to centralized exchanges
Some of them we can’t reveal.

Also, goal of BerserkSwap is to provide a permanent buy pressure to Berserk as with percentage of fees earned on platform, we will be buying BER token.

Q2 : If CORE supply also acts as a pool for users to receive rewards, how is the fixed supply base affected here? Does it mean that no one can get a reward if there is no transactions? What is CORE’s working principle?

Ans : Yes, CORE’s entire ecosystem stops if there’s no trading (no transaction) done. Berserk solves this issue by having fixed inflation which is going to be votable through governance similar to YFI.

Q3 : I saw that the Pool for staking has been launched few days ago, however, voting functionalities hasn’t yet been implemented. Could you tell us when this will be done and how will the inflation rate look like? Fixed I presume?

Ans : That’s correct, voting will be implemented next week.

Contracts are ready, but we want to wait for users to first get used to staking in our pool. Inflation is fixed with 20% of the BER tokens released throughout one year, but it can be voted on each week, so it can be increased or decreased depending on what stakers think.

Q4 : Is governance part of the realization project of BerserkFinance? How do you plan to establish this system?

Ans : It’s very hard to answer this question without taking too long for us to do so. We defined the entire ecosystem in our Medium articles.

In short, each transaction gives a burn and reward to the stakers, meaning holders get rewarded in the long run while buyers/sellers/scalpers always earn less due to the burn they get per each transaction (and trade) they make.

Through governance, stakers will be able to vote for yearly inflation. If stakers believe that there’s enough tx’s happening and their rewards are good enough, they can lessen the inflation or increase it.

By introducing BerserkSwap, our goal is to provide a platform that will provide value to BER holders and give a permanent buy pressure.

Q5 : What % of profit will I get if I become a $BER farmer?
What are the Berserk Finance programs until the end of 2020?

Ans : The question regarding % of profits is impossible to answer.

First of all, not only are you getting Uniswap fees from other people that are trading BER token, but you’re also earning based on each tx that’s been made on entire chain.

So pool apy depends on following things:
- Amount of people in pool
- Price of token
- Amount of transactions done in a week
- Voted fixed inflation by governance

That’s why we are always showing an unstable APY which can be found on our page https://berserk.finance . Current APY there is 600%, but it doesn’t calculate value you get from Uniswap.

3rd Segment: LIVE QUESTIONS

Q1 : Berserk Finance will integrate functionalities of CORE. As i know, CORE locks liquidity completely, it’s difficult for users who want to sell shares when they want. How Berserk Finance deal will this problem?

Ans : We believe that CORE locking of liquidity "locks users" in the project even if they don't want to be there.

Basically what Berserk does, we allow users to get out of the project if they want during the first 2 weeks, but then they have to lock 20% of their staking funds into liquidity permanently.

We used very important concept that CORE has which was distributing staking rewards based on each transaction, but we improved it with burning as well.

Q2 : Does BerserkSwap partner with UniSwap ? why have the same features?

Ans : We will not partner with UniSwap, but we will have an upgraded solution that Uniswap has.

So extra features to Uniswap are:
- Ability to create Crowdsale for your tokens (similar to Bounce.finance)
- Ability to create stop limit and buy/sell orders similar to centralized exchanges

Ofcourse, users will be able to buy BER on UniSwap if they want, but they will have to pay extra 2.5 % fees to do so.

Q3 : $LP (bet) tokens are locked for 2 weeks or what makes users unable to withdraw it in that time? And does the 20% penalty belong to #BerserkFinance or are they just blocked?

Ans : Users can withdraw them if they want, but if they do, they will have to permanently lock 20% of the funds they are staking with in liquidity.

These tokens are not in ownership of Berserk Finance. If users decide to withdraw and take the 20% penalty, these tokens get permanently locked and noone can get to them anymore.

If of course, users wait for 2 weeks to pass, they will be able to withdraw everything without any penalties.

This feature is only so that users don't feel trapped in the coin once they are staking it.

Q4 : What is total supply of Brief introduction? Where we can buy it? Are your plans to focus on market or to grow community?

Ans : Total supply currently is 6029 $BER

You can buy it here:
https://app.uniswap.org/#/swap?inputCurrency=ETH&outputCurrency=0x7a9d78b9e8f32038e580457d497f79e660101d88

You will need to increase slippage to >6% because 2.5% of each transaction get's distributed to the stakers and 2.5% of each transaction gets burned.

Q5 : Inflation is often a problem, both in fiat currencies and in crypto currencies. Couldn’t the 20% annual inflation you pose for $BER be a problem later on for the value and stability of your token? How do you expect to control the inflationary process?

Ans : If stakers feel this is a problem, they can easily vote to reduce inflation.

To take it in perspective, many actual DEFI projects like Sushi, YFV, YFI etc had much bigger yearly inflation than Berserk currently has.

Actually, it's even a question if $BER will be an inflationary or deflationary asset due to constant burn that keeps happening after every trade and every transaction.

Because of the burn and voting, we believe this will not be an issue in the long run.

CONCLUSION

Do you have any Final Words for community, also do good to share every useful links to project with us. Also share the link where can buy the Tokens

Ans : Thank you again for having me here.

We believe that we created a project with very fair distribution and that our current specifications surpass most of the popular DEFI projects right now.

We proved we are in it for the long run by locking 80 ETH of liquidity for 1 year and we intend to act according to our roadmap we written and discussed here.

Here are our social channels and feel free to join us to find out more and become part of the Berserk Finance community:

Social channels:
Twitter: https://twitter.com/BerserkFinance
Medium: https://berserkfinance.medium.com/
Github: https://github.com/berserkfinance/berserk-finance
Website: https://berserk.finance

Here is trading link :
https://app.uniswap.org/#/swap?inputCurrency=ETH&outputCurrency=0x7a9d78b9e8f32038e580457d497f79e660101d88

Make sure to increase slippage to above 5% for it to suceed

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