Recapitulation of Bridges PROJECT AMA event held at AMA LOVERS CLUB.
Date: Saturday, 4th June, 2022
Time: 16:00 PM UTC
The Bridges PROJECT team was represented by @DanBridges who judiciously shared with us detailed knowledge and information about Bridges PROJECT.
1st Segment: INTRODUCTION
✨✨QUESTION1🩸: Can you please introduce yourself and your background, also introduce the team working on BRIDGES?
👉ANS: I’m Danny, I'm from Italy, and I am the cofounder and CEO of Bridges. I have more of a technical background. I got the idea for Bridges last summer, put together our initial core team, and then we launched the token in November.
Lynnae is my cofounder and the COO of Bridges. She has a background in product management, most recently in a European FinTech unicorn. She provides the structure for all of the product ideas we have.
Today the Bridges team is over 20 people mostly from the US and Europe, including an expanded core team with backgrounds in InsureTech, non-profits, and multiple entrepreneurial backgrounds. The rest of our team consists of software engineers, marketing and creative experts, and our moderation team.
✨✨QUESTION2🩸: Can you introduce BRIDGES, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
👉ANS: Our vision is to make the future of finance work for everyone. We hear a lot about mass adoption for DeFi, but we don’t believe that this will happen as long as people are scared to even get started. Only about 3% of the world invests in crypto, and even less are in DeFi. Thousands of projects are created every day with no use case, and many more are scams. No wonder it’s been so hard to bring new people to DeFi.
Bridges Exchange will give investors peace of mind, provide a place for safe and innovative projects to reach new audiences, and establish a network to collaborate and grow with other projects. When you use other exchanges in DeFi, you never know if you’re going to get rugged or scammed in another way. Bridges gives you the peace of mind because we audit every token we list for safety. By focusing on safety, we can build trust with holders so that projects can stand on the merit of their ideas and innovation.
People who are just entering DeFi can learn with our easy-to-use UI and learning platform. Even if you’ve been in DeFi for a while, we think you’ll be able to learn something new from our upcoming knowledgebase.
Of course, we also have the benefit here of the different ways that you can earn through the Bridge$ token and Bridges Exchange. Passive income isn’t the goal here, but it’s a nice side effect. The biggest passive income stream is of course the 3% dividends that will come from the exchange volume to be paid out to Bridge$ holders.
On top of that the way our ecosystem will be fueled through our limited supply token is something unique, not seen in many other decentralized exchanges out there.
✨✨QUESTION3🩸: I have a pressing question
According to your Inovation, projects approved by bridges brings innovation to Bridges platform
Can you explain this?
👉ANS: Yeah, sure. So first, when we mention innovation, we are not always requiring you to be the new Tesla or SpaceX, but there is a problem in the space of projects copying ideas from others. We believe that in DeFi, the innovators will win. For each successful project out there, immediately afterward the field is populated by dozens of copycats of the successful one. This is what we are aiming at: Trying to bring the first one to Bridges. If your project is similar to something that is already out there, the question is how are you improving the idea or concept, or are you just copying it?
It all comes down to showing, as your use case, how innovative it is, what you are bringing into the space as something new. Then it's up to the investors to decide if you could be successful or not - and if to invest or not. On our side, we need you to show us that you're committed to bringing innovation and building something that is not out there yet. Also, last point, as we always say, passive income is not a use case. Passive income always has to be the consequence of how successful your use case is.
✨✨QUESTION4🩸: Does this mean, only projects with unique features will be accepted on Bridges?
👉ANS: Not at all. Again, bringing an example - there are many projects working P2E, Metaverse... So it's not that if you're working on the Metaverse that you're copying something. The question is, how is your Metaverse different from the others, what is your long-term plan? One of the first steps of our vetting procedure is a 30-minute call directly with me. I take the time to talk with the team, and from a call you can definitely see if they are passionate and committed about what they are talking about, or they are just trying to ride a wave.
✨✨QUESTION5🩸: Can you briefly tell us some key achievement of BRIDGES since commencement and what is to come in the nearest future?
👉ANS: I’d love to give you an overview of our achievements.
In recent months, we’ve built out our semi-decentralized exchange with some features that we haven’t seen anywhere else in the space. Most notable is our hybrid structure between a decentralized exchange and a decentralized exchange aggregator together with our hybrid aspect between a centralized and a decentralized exchange. Our DEX is pretty unique, and it took quite some time to develop the Solidity codebase and the platform itself, not to mention the integration of a dividend system based on the transactions occurring on the platform. Alongside all of the work being done for the exchange, we’re working with our Brand Ambassador Breanne Delgado to create the Women in DeFi Podcast, which we expect to launch in the coming weeks.
Oh, and I forgot to add what's to come...
We are launching our exchange by the end of Q2, and we are announcing the launch date very soon. Be sure to follow on all of our socials to stay up to date: https://linktr.ee/BridgesCrypto
✨✨QUESTION6🩸: Finally, before we proceed to the community live segment
Can you give an overview of the Tokenomics and Utility of $BRG.X tokens?
👉ANS: Bridge$ is a dividend-paying token offering the choice to have your dividends paid out in BNB, BUSD, BTCB, or ETH—and we’ll expand the list in the future. The token has a stable total supply of 100 million tokens. As of now, we have a 5% tax protocol from which 1% goes to the development wallet to help grow the project, 1% goes to the liquidity pool, and 3% is paid out to holders as dividends. After the DEX launches, the trading will be moved to our platform and the tax protocol will be changed to only 2% for liquidity feeding, while Bridge$ holders will benefit from the 3% dividends coming from the exchange volume—Bridge$ included. The long term goal is to completely remove the token’s tax protocol when the liquidity is stable enough even because our liquidity providers are going to be able to keep receiving their dividends even while providing liquidity, therefore solving a common issue with token with tokenomics where it's pretty hard to attract liquidity providers for this reason.
Bridge$ is the backbone of our ecosystem. Another key differentiator compared to other decentralized exchanges is our limited supply. Other platforms fuel their ecosystem by minting new native tokens, thereby increasing selling pressure and supply while diluting the price. With Bridge$, the built-in dividends will encourage holders not to sell, and we will use part of the revenues to buy back our tokens to fuel the ecosystem therefore increasing the value over time.
2nd Segment: LIVE Questions
✨✨QUESTION1🩸: What is Bridges doing to Attract liquidity Providers to Your Platform?
What is stopping them to Join your Platform at the Moment?
👉ANS: Let's start here. The name of the game in decentralized exchanges is to attract liquidity providers. There are basically two ways to reach this goal that are commonly used by the other platforms. The first is to provide a liquidity provider fee on each transaction occurring on a specific pair. Many other decentralized exchanges take a portion of this fee in order to fuel their ecosystem - buy back their token, burn them, so on and so forth. This is not the case in Bridges. We are not charging any fee on liquidity providers, and this means on the same pair you can earn between 20% and 50% more than what you can earn in the other platforms. The second piece is yield farming. Here, every platform out there is using the same identical mechanism. You provide your liquidity, you stake it, and you get back the native crypto token. But to fuel this mechanism, they are programatically minting new tokens. This has two drawbacks. One: it increases supply. Second: the only way to cash in is to sell your rewards, therefore increasing supply and selling pressure. In Bridges, the whole farming part will be based on our limited-supply token, we won't mint any new token, and on top of that you are incentivized to hold the token and earn your portion of the dividends coming from the DEX. When we will start launching on yield aggregator platforms, then the liquidity providers will come.
✨✨QUESTION2🩸: How are you attracting projects to to list there token on Bridges Exchange,
What help will be provided to them?
👉ANS: To attract new launching projects, the key point will be the launchpad itself. With our launchpad, the teams willing to launch a project will be able to bootstrap their liquidity together with raising the funds necessary to bootstrap the project itself, and together with this the projects will benefit from the network of partnerships that we have and are planning to have in order to offer those projects as many premium features as possible. Together with this, we'll take the time to give the projects listing with us exposure in our communities. Projects are not going to be just an address to copy and paste somewhere.
✨✨QUESTION3🩸: What do you plan to teach on Bridge Learning Platform? How would users have access to the learning platform? Would a form of payment be required to use the learning platform?
👉ANS: Well, while on one side it is true that this field is populated by scams and the reputation is at an all-time low, we can't only blame the scammers as we even need to educate investors. I was an investor myself long before getting the idea for Bridges, and what I saw and keep seeing in the space is that people are not using an investment mindset, but rather a gambling mindset. If you invest in a startup outside of crypto, you have a time frame of at least five years. In crypto, the timeframe is 5 minutes. Investors want their money to 100x every day and then move on to the next project.
Through our knowledgebase, the plan is to provide a platform where everyone can learn about the very basics from what a blockchain is all the way through how to use a decentralized exchange. It will not only be a guide on how to approach DeFi from a technical standpoint, but also a mentality standpoint.
The knowledgebase will be freely accessible from through the exchange and our website.
✨✨QUESTION4🩸: As Bridges is a Hybrid of an Aggregator & an Exchange,
Can You Please Tell this in more Details?
👉ANS: Our DEX is able to route to other platforms in order to access the liquidity. This was specifically done to give listing access to existing projects, as many of them have their liquidity locked elsewhere and may not be able to provide liquidity immediately.
At the same time, projects can still provide liquidity if they choose, and gain access to the additional benefits we mentioned before. Higher LP fees, being able to apply for a farm, and so on.
✨✨QUESTION5🩸: 🚀You at Bridges promise that your users can generate up to 3% dividends just by holding your tokens. Will this 3% remain a fixed percentage or could you consider modifying it in the future depending on your needs?
👉ANS: Since this is an aspect involving the whole community, there will be a change in this only and only if the majority of the community is asking for it. After the DEX launch, the feeding of the development wallet will be set to zero, and the only revenues for the company will be the dividends generated by this wallet, so we have no incentive to decrease it, and on the other side we don't have any incentive to raise it as we don't believe in crazy high tax protocols for long-term sustainability. Indeed, one of our listing requirements is to have either no tax protocol or a tax protocol with a maximum of 10%.
✨✨QUESTION6🩸: There are many project currently in the crypto space and most of them are set out to steal money for holders.
As stated on your white paper, what are the criteria for a project to meet before you accept them on your exchange.?
👉ANS: The criteria list is extensive, but the most important ones is that the core team of a project is either fully doxxed or undergoes a private KYC with our partner. It all comes down to the people behind a project. there are very successful projects with very bad contracts and very bad projects with very good contracts. It's not just about the contract, but who is behind the contract. Until we hold them responsible, these scams are never going to stop. You can read about our other requirements here: https://bridges.exchange/exchange
I learnt that you will be hosting a weekly podcast titled "Women in DeFi”. Could you tell us the reason for this podcast? Why do we need women in DeFi? Do you think we need Gender equity in DeFi? And what advantages do women stand to gain from your project?
👉ANS: Yes, we are launching the podcast soon. We believe in equity, and a major component of that is women. Women make up 50% of the planet. Without them, DeFi will never reach a critical mass of adoption. We not only need gender equity in DeFi, but in all areas of life. When women are involved, they bring new ideas and approaches to projects. Women are also traditionally not as active in investing, although they earn less. By empowering women with DeFi, they can access finance in a whole new way and achieve financial equity.
The podcast is one way that we can help bring more women to the space, bring women to Bridges, and connect them with others in our network. Women are typically more risk-averse, so Bridges will be able to provide a trusted platform where they can feel safe with their investments. They also tend to invest for the long-term, so we know that women can also lend long-term stability to Bridges, as well as the entire DeFi ecosystem.
👉Follow Us On Our Various Social Media Communities For More Update👇👇👇
Telegram chat: https://t.me/BRIDGEcryptocurrency
And for everything else, you can check out our Linktree: https://linktr.ee/BridgesCrypto
Meet our community, ask your questions, stay up-to-date, and decide whether you want to jump on board. We're waiting for you.
Thanks again for hosting Bridges in your community! It was a pleasure to join you all today.
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