Recapitulation of DeFiBench AMA event held at AMA LOVERS CLUB
Venue: https://t.me/amaloversclub
Date: Thursday, 10th December, 2020
Time: 12:00 UTC
The DeFiBench team was represented by @themehulpatel. 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 DeFiBench project
Ans : Hi Guys. I am Mehul (Mike) Patel, the Founder and CEO of DeFiBench.
I have grown and exited several internet ventures from India to Silicon Valley since the year 2000.
I have been rated as one of the Top 100 Digital Influencers in Asia by Pinstorm.
I have hosted multiple Blockchain panels at the World Economic Forum at Davos, Switzerland over the past 3 years.
I have been one of the few Indians invited to the biggest global Blockchain and Cryptocurrency conferences (as a keynote speaker and a moderator), including the Transylvania Crypto Conference, World Blockchain Summit, Serbian Blockchain Summit and many more.
Twitter and Linkedin Profile-
https://www.linkedin.com/in/themehulpatel
https://twitter.com/TheMehulPatel
The DeFiBench team is a great mix of highly experienced individuals from backgrounds in financial technology, electronic markets, product design and developer platforms.
DEFIBENCH is a one stop shop for DeFi with several elements which are crucial to decentralised tokens and users of those. It consists of:
EDDASWAP - our Decentralized Exchange
Decentralised Asset Management (Including staking in the EDDA Vault and EDDA LP Vault)
An NFT and Digital Art platform
Our Decentralized Launchpad
At the core of this ecosystem will be DeFiBench’s native token, EDDA. Holding the EDDA token will enable you to profit from all of the above elements of DEFIBENCH.
Q2 : Can you introduce the DeFiBench project, what critical problems does it solve that existing solutions are not solving and what’s the competitve advantage
Ans : Hi Christian, I already introduced DeFiBench in my above answer. Give me a minute to answer the remaining part of this question
DeFiBench offers ‘one-click’ DeFi on our decentralized platforms, which focus on usability and simplicity for anyone and everyone. Our platforms include:
- Decentralized Asset Management
Users can deposit their crypto assets into DeFiBench’s Vaults for automated yield optimization, or into DeFiBench’s Gain platform to earn interest. The fees generated through these platforms will be distributed to EDDA Token holders.
Our platform will also allow EDDA staking.from day 1
- NFT Platform
DeFiBench has partnered with leading motion graphic designers and 3D artists such as Primal Cypher to create a specially curated collection of digital art and NFTs that will be exclusively accessible to EDDA Token holders.
You can view our most recent NFT previews dedicated to the founder of Binance, CZ - https://www.youtube.com/watch?v=9SrJUdVEz4w&t=3s
And the founder of YFI and KP3R Andre Cronje - https://www.youtube.com/watch?v=9SrJUdVEz4w&t=3s
- EDDASwap DEX
EDDASwap will facilitate permission-less listing and trading of crypto assets across blockchains such as Ethereum, with added security features such as Liquidity Lock. A part of the trading fees generated on EDDASwap will be distributed to EDDA Token holders.
- Decentralized Launchpad
The Decentralized Launchpad will allow crypto projects to raise
capital in a decentralized manner, and will provide EDDA Token
holders the opportunity to purchase tokens at seed valuations.
Q3 : Can you briefly describe the Top milestones you have achieved and your target milestones with timelines, also share your roadmap
Ans : DEFIBENCH is actually quite far already, we can proudly say we are almost ready. Our token has been fully audited and our mainnet is going live in the next few days (Third week of December). Our mainnet will then undergo an additional full audit, which will be made public of course. Our decentralised asset management will therefore be live this month followed closely by our NFT Platform. Our token sale is now ongoing, only 5000 EDDA tokens are available and the price will be the same for everyone.
2nd Segment: TWITTER QUESTIONS
Q1 : In 2021 DeFiBench will launch its governance system. Will the decisions that users involved in governance will be able to make be restricted only to the economic aspects or will it be possible to decide on other aspects of your platform?
Ans : Our governance system will not only be restricted to economic aspects, but will allow our community the ability to govern the entire DeFiBench ecosystem and every platform element. We cannot repeat this often enough: DeFiBench will be completely decentralized once the Governance system is rolled out.
Q2 : On its website it says: Bóvedas
Deposit your crypto assets in DeFiBench vaults to optimize performance in an automated way, how does this system counteract permanent losses or fluctuations if the market is down?
Ans : The crypto markets are inherently very volatile, and price fluctuations are common. However, to minimise the impact of such adverse market movements, our Decentralized Asset Management platform employs strategies that primarily involve yield farming and liquidity mining through stablecoins, ensuring that market movements don’t affect the yield. For users that wish for even more security, the Gain platform is ideal, in which your stablecoins are moved between lending protocols.
Q3 : Can you describe the DefiBench Gain platforms? Aside from lending ,do you have plan to add features in Gain platform like staking or mining?
Ans : As we mentioned before, governance will be with EDDA token holders. This means in the first place that this can be a community driven development for sure, yes. Right now we are preparing yield and lending functions via the platform. Holding EDDA tokens provides many different benefits already such as staking EDDA in the EDDA Vaults, staking EDDA to farm exclusive NFTs and staking EDDA LP Tokens to earn EDDA rewards. These features will all be live on day one, upon listing.
And last but not least, being a liquidity provider on EDDASWAP pays off well, too. So especially for EDDA token holders you already have many different options but we are happy to add more anytime together with our users.
Q4 : A few days ago defibench announced its partnership with Hackcontrol. How will this help the growth of your project? What technological aspects will Hackcontrol provide to you?
Ans : HackControl is a great partner for us. They audit every single line of code. It is important for us to show the community that our technology is legit and well tested and safe to use. So we asked HackControl to partner up and triple check absolutely everything on our platform. Partnering up with a strong tech team like HackControl provides security for our users and makes sure no one experiences any issues. HackControl has already audited our EDDA Smart Contract, and the audit report states the Smart Contract is well secured.
The audit report is here - https://drive.google.com/file/d/1RDLV58aOmHsfj0Cy5ABS6NHHFe0tbkLh/view?usp=sharing
More of our dApps are set to go for an audit soon and users will be able to experience the mainnet live this month!
Q5 : The NFT platform is an integral part of the DeFiBench ecosystem. But many projects today do not bring real value to their NFT ,so how will the NFT change with DeFiBench? Will they be real-world assets or their encrypted version?
Ans : We strongly believe in building a product that will be used as much as possible. That is why we partnered up with several very well connected people, leading motion graphic designers and 3D artists such as Primal Cypher to create a specially curated collection of digital art and NFTs. https://twitter.com/primal_cypher/status/1334225087483011075 in the NFT industry and are also in the final stages of some othergreat partnerships.
DeFiBench is not an NFT Marketplace like Rarible, Nifty, etc. This was a conscious decision by the team.
All of our NFTs are being minted by famous NFT artists. We believe that content is king. Similar to how Netflix creates its own content we have chosen to create our exclusive NFTs which can be only received by staking EDDA on our NFT Platform. Hence, making them initially exclusive to EDDA Token Holders. EDDA users can then go ahead and sell these NFTs at high prices at other NFT Marketplaces. We are also exploring tokenization of real world assets.
You can view our most recent NFT previews dedicated to the founder of Binance, CZ - https://www.youtube.com/watch?v=9SrJUdVEz4w&t=3s
And the founder of YFI and KP3R Andre Cronje - https://www.youtube.com/watch?v=9SrJUdVEz4w&t=3s
Join the ride with us for a bit and you will see many more partnerships like this one.
3rd Segment: LIVE QUESTIONS
Q1 : Why did you change your brand name from yggdrasil to DefiBench ?
Ans : We have had global interest from crypto and non-crypto communities alike, but the feedback we have received is that they have often misspelled or found "Yggdrasil" difficult to pronounce or understand.
We believe that the community's feedback is the most important factor for a project's success, and should drive our decisions. So, in the honour of inclusivity, we made the decision to rebrand Yggdrasil to DeFi Bench!
We are creating a comprehensive ecosystem of DeFi applications, and believe that this branding better fits with our vision.
Q2 : Allocating only 5 percent for founding team & advisors is not too low?
Ans : To be fair, in comparison to many projects doing token sales this is a low allocation. However, we believe in the true sense of DeFi. We are also a truly community-oriented project. Hence in this way, the community solely dictates the EDDA price. Not only is the team allocation low, but the team tokens are also going to be locked for 7 months with a cliff period of 3 months
Q3 : What is the benefits of holding EDDA token?
How am I going to be sure my fund is safe after stalking?
Ans : Edda Token Use Cases and Benefits -
- 1000 tokens will be distributed for free to EDDA Token Holders and Liquidity Providers. Let us understand how:
To earn the high yield of the EDDA vault or the EDDA LP vault you can either stake EDDA Tokens or provide liquidity to the EDDA/ETH Pair and stake the EDDA LP Tokens. The total rewards to be distributed in the EDDA Vault and EDDA LP Vault add up to 20% of the total EDDA Supply, which is 1000 tokens!
- Only EDDA Token holders can avail our exclusive NFTs by staking their EDDA tokens on our NFT platform.
- Only EDDA Token holders can provide funds to projects on the Decentralized Launchpad to support other DeFi start-ups.
Q4 : Can you give me a link to where will sale is on uniswap?
Ans : https://ito.defibench.com/ - You can participate in our token sale directly via this link. We have not yet listed on uniswap, listing will be after the token sale ends.
Q5 : Where do I get information about your team? Why do you prefer to be anonymous? Do you have a plan to identify your team later?
Ans : We have a completely public facing team. The details about our team, including their social media links are available on our website since day 1!
You can find them here:
https://defibench.com/#our-team
CONCLUSION
Thanks for Great Answers Mike, Can give all link where can buy Token for Pre-sale and all social media
Ans : The #EDDA Public Sale is now live!
To participate, log on to ito.defibench.com
Please Note: The social media accounts linked below are the only official DeFiBench accounts, disregard updates from any other sources claiming to be affiliated to DeFiBench.
Connect with us:-
Website:
https://DeFiBench.com
Telegram Community Channel: https://t.me/DeFiBench
Telegram Announcements Channel:
@DeFiBench_Official
Twitter:
https://twitter.com/DeFiBench
#DeFi The World.
If anyone has any more questions I am available on my Twitter - https://twitter.com/TheMehulPatel
FOLLOW AMA LOVERS CLUB ON:
Twitter: https://twitter.com/amaloversclub
Telegram Group: https://t.me/amaloversclub
Telegram Channel: https://t.me/amaloversclub_channel
Medium: https://amaloversclub.medium.com
Discord: https://discord.gg/tpbyv9x
