Recapitulation of BufferFinance PROJECT AMA event held at AMA LOVERS CLUB.
Date: Monday, 26th July, 2021
Time: 14:00 UTC
The BufferFinance PROJECT team was represented by @Heisenberg1194 who judiciously shared with us detailed knowledge and information about BufferFinance PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on BUFFER FINANCE?
ANS: Hi I am Heisenberg - Founder of Buffer Finance. I am myself a solidity developer with a background in options trading and finance. I take care of tech at Buffer Finance
Other than me there are five more team members
Feynman (Co-founder) → Takes care of product and business development
Freese → Takes care of frontend development
Rubin → Takes care of UX/UI designs
Curie → Takes care of community
Newton → Takes care of marketing.
Q2: Can you introduce BUFFER FINANCE, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: Sure, Buffer finance is a peer-to-pool options trading platform → With buffer finance any one can buy customized options without the need of a counterpart (option seller). On chain - without the need of a KYC.
Here' how it works
Currently there are 3 key problems
1. No protocols on any chain offers on-chain BNB based options - even when BNB is the 3rd biggest cryptocurrency.
2. BNB options available on the centralised exchanges are highly illiquid and requires a counterparty
3. Option trading is complex and many new investors stay away from it, even when it’s the best way to make high profits on limited capital.
At buffer finance we solve all the above problems
1. We are the 1st protocol to offer options for BNB on any chain
2. We have introduced a peer to pool mechanism for options trading - which has removed the need of a counterparty - So just like an automated market maker (eg: PancakeSwap) an option buyer can buy options without the need of an options seller directly against a liquidity pool
3. We are gamifying the whole options trading experience with our Leaderbaord challenge and Prediction markets - to make options trading simple and accessible to everyone
Our main aim is to democratise options trading and make it accessible to everyone - it’s a market dominated by banks and hedge funds and we are here to disrupt that.
Q3: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: We have already released our incentivised Testnet for customisable options trading platform
We are also running a leaderboard challenge for 3 weeks and have more than 1300 participants interact with it till date → You check it out here - https://testnet.buffer.finance/ ( It's fully functional with all features)
In coming weeks we will be releasing our prediction games and Insurance Testnet as well.
while we are building the product we are also building a big community so you will be seeing lot of marketing events and giveaways in the coming weeks.
Here's our detailed roadmap
Q4: Prediction games? Can you shed light on this as well as the insurance?
ANS: That's another layer over the options trading platform to make it more useful for speculators and Launchpads
Our options contract will be used for prediction game where users can predict over BNB price and place bets directly against the Liquidity Pool. They will be essentially buying options but in a gamified way.
Insurance is a specific service for Launchpads and service providers who hold BNBs want to hedge their risk by buying PUT options as insurance.
Q5: Can you briefly describe your PARTNERSHIPS so far?
ANS: We have partnered with Berry Data for BNB price feed and Chainlink for data on implied volatility and later price feed for other assets.
We have also partnered with cryptobuddy.info → To help us find launchpad partners and private investors
We are currently in talks with multiple big launchpads to use our insurance service for the projects raising funds through them
Announcements will be made in the coming weeks.
Q6: Can you give an overview of your Tokenomics, and the UTILITY of the $iBFR Tokens?
ANS: The native token to Buffer protocol is $iBFR
Specifications for $iBFR
Total Supply: 100,000,000 (100 M)
Network: Binance Smart Chain
Token distribution for $iBFR
Private/Public sales: 30%
Team allocation: 10%
Rewards & Marketing: 5%
Advisors & Partnerships: 5%
Initial liquidity: 5%
Post listing we will be releasing 15% of the initial supply - and remaining token supply will be vested as per our vesting schedule (Which is still about to be announced) -
For the seed sale participants (Whitelisting for which will start after this AMA) - 20% of tokens will be released before listing and remaining tokens will be vested over 3 months linearly.
Key utility of the $iBFR token
1. Revenue share - Stake $iBFR to receive a constant stream of passive income
2. Liquidity mining - Earn yield by staking $iBFR LP tokens
3. Deflationary - Milestone based buybacks and manual burns
4. Governance - Post Q1 2022 roadmap all feature releases will be governed by $iBFR token holders
5. Discount - Hold $iBFR tokens and get a discount over the settlement fee required to place a bid in the BNB price prediction game.
2nd Segment: LIVE Questions
Q1: What can you tell us about the Buffer Option’s Academy? Is it a normal Academy or how does it work?
ANS: Buffer Option's Academy is basically an initiative by our team to increase options trading awareness and know how among new crypto investors - Our aim with this academy is to help investors understand how they can leverage options to make high profits with limited capital.
Q2: The importance of income sources and a well-designed income model in the success of the projects is known. In order to develop the Buffer Platform as you wish, from which sources will you generate income and what kind of compensation policy will you implement? To reward your token holders, will you allocate a share of your income to holders or provide them with some fee reductions?
ANS: Buffer Business model is very simple we charge two types of fee whenever someone buys a option from our Liquidity Pool
1. The Option Fee —> This fee goes to Liquidity provider as yield
2. Settlement fee —> This is the fee we charge as protocol/service provider - 100% of this fee is transfered to $iBFR holders via automated revenue share transfer and buyback
We will also offer discount over settlement fee - if the buyer of option holds the $iBFR tokens.
Due to the fact that LOW LIQUIDITY is one of the problems of DEFI PROJECTS, how do you plan to solve that problem
How will you reward LIQUIDITY PROVIDERS, what are the benefits of providing liquidity?
ANS: All Liquidity providers will earn option fee paid by option buyers as fee - They can also stake their write token to earn $iBFR tokens.
Q4: Even with high level of security, many crypto trading platform has been hacked. What are the security measures you have to tackle such on your platform?
What's your views on the rise of derivatives in the crypto market? How many type of derivatives products do you have?
ANS: We will be getting the contract audited by top auditing firms before the release to mainnet - Our testnet has been used by more than 1300 participants and it works totally with 100% stability.
The derivatives market will keep on growing and sine it's multi-trillion dollar market the opportunity in Crypto and DEFi for Derivatives markets is very high.
Currently we offer Put and Call options that can be customised to any Option Size, strike price and expiry date.
Q5: Of which businesses and alliances is Buffer satisfied?
What is the main motivation for your project?
ANS: Our main motiviation is to make options trading available to everyone and reduce dominance of banks and Hedge fund. We want to make options trading transparent and simple so anyone can take advantage of their viewpoint on future prices of an Asset they hold or keep an eye on.
Q6: Hi Buffer Team, About your Whitelist, is there any priority or important thing to do in order to win the Whitelist? Can you give me tips to win the Whitelist? And is there a minimum amount of funds that must be sent in order to join the Whitelist because I usually only include $20-$40 for the Whitelist?
ANS: No the whitelisting will be completely random - Min contribution can e 0.1 BNB and Max contribution is 5 BNB - we will be adding the registration link once the AMA has ended.
Q7: How many plots is the Buffer Finance pool option trading partitioned into? How can I as a new investor acquire $iBFR tokens? What are the protocols to be observed as a new trader on your platform? In the long run will staking be possible with the $iBFR tokens?
ANS: Right now you can participate in our Whitelist to buy $iBFR tokens - you can also participate in testnet to win $iBFR tokens.
It was great to interact with this amazing community - we hope to keep you guys updated about the project and take your feedback on how we can improve the overall experience.
Thanks Again for the opportunity - Hope to see more members from here join our community as well,😄
Follow Us On Our Various Social Media Communities For More Update;
Thanks again! for the opportunity to let me answer the questions the community had.
Here's link to our exclusive whitelisting for the community members of AMA Lovers Club
Whitelisting ends at 27th July 14:00 pm GMT.
Discord server → https://discord.gg/Hj4QF92Kdc
Telegram group → https://t.me/bufferfinance
Twitter (DM open) → https://twitter.com/Buffer_finance
Medium → https://buffer-finance.medium.com/
Website → https://www.buffer.finance/
Testnet → https://testnet.buffer.finance/
Litepaper —> https://docs.buffer.finance/
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