Recapitulation of DokiDoki Finance AMA event held at AMA LOVERS CLUB
Date: Sunday, 15th November, 2020
Time: 14:00 UTC
The DokiDoki Finance team was represented by @reiddf. 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 the team should be introduced
Ans : Sure. I am a math and business graduate, and a crypto currency enthusiast since early 2017. Professionally, I have 7 years of experience working in various roles ranging from commodity trading to blockchain researcher at an exchange. Prior to Doki Doki Finance, our team designed and built an algorithmic trading bot.
Our core team is made up of 5 members. We have 3 engineers, 1 designer, and I’m like the product manager and architect of the project.
Q2 : Can you introduce the Doki Doki what critical problems does it solve that existing solutions are not solving and what’s the competitve advantage over other solutions
Ans : Of course. We’re a DeFi ecosystem project with original code and visuals inspired by Retro Japanese Aesthetics. This is what our website and staking page looks like:
From the design efforts we put into our website, staking page, and NFTs, you can tell that branding is very important to us. We want to grow Doki Doki Finance not only as a functional DeFi project but also establish a unique visual identity in the crypto sphere.
Our core mission is simple — to build innovative yet stylish DeFi products which offer strong value propositions for both users and holders of our native token, $DOKI. Currently we are focused on delivering two products - a NFT farming DaPP followed by a full-service NFT platform (minter, marketplace, etc).
Q3 : Can you briefly describe the Top milestones you have achieved and your target milestones with timelines, also share your roadmap
Ans : Sure, Here’s a visual roadmap, which lists our achievements to date as well as plans for the future.
There can be some confusion regarding the difference between the NFT farming DaPP product and the NFT Platform so I would like to explain:
NFT Farming DaPP will be kind of like a mini-game where users can play in order to obtain our original and limited NFTs. $AZUKI is burned in the process.
NFT Platform is a much more ambitious product, where users can mint their own NFT and monetize them. You can imagine it as Rarible but with some unique features and innovations. Fees earned by the platform will be used to buy back $DOKI.
2nd Segment: TWITTER QUESTIONS
Q1 : What is the function of the $AZUKI token and what is the difference with the native $DOKI token? How do they complement each other in the ecosystem?
Ans : $AZUKI is a secondary token designed for use in our NFT products. There was no presale for $AZUKI, and the liquidity is 100% bootstrapped by the community.
The only way to earn $AZUKI in the beginning, is to stake in $DOKI pool or $DOKI/ETH LP pools. Once you have farmed some AZUKI, you can also stake in $AZUKI and $AZUKI/ETH LP pools to earn more AZUKI.
$DOKI Features & Utility
-50k total supply
-Initial Liquidity is locked
-Deflationary farming with 50% emission cut every two weeks
-NFT Platform fees will be used to auto-buyback $DOKI on Uniswap
-Passive income via $AZUKI farming
$AZUKI Features & Utility
-80m max supply (20m for farming)
-Necessary timelocks have been built into the token contract itself
-Burned to obtain rare NFTs in our up-coming NFT DaPP product
-Volume-based Creativity and Consumption Mining — users are paid to use our NFT Platform, accelerating adoption. I will explain more.
-Adjustable burn rate on selling starting at 5%
-Slow emission, decreasing at a rate of 6% every two weeks
-Additional Utility on our NFT platform (Hidden for now)
Creativity and Consumption Mining is a key feature of our NFT platform. We want an incentive token to accelerate adoption on our NFT Platform and Marketplace. $AZUKI will fulfill this role via what we call “Creativity and Consumption Mining” where users are paid proportional to $ amount transacted.
I will explain using a practical example:
Let’s say, a consumer spends $100 on our platform in exchange for a NFT, assuming 5% fees:
10 Azuki is minted
NFT Seller gets 4.75 AZUKI
Consumer gets 4.75 AZUKI
Dev fund gets 0.5 AZUKI
Seller gets $95
$5 is used to auto-buyback $DOKI on Uniswap
In other words, people are paid in $AZUKI to use our product and their active participation contributes to revenue on our NFT platform, creating a positive feedback loop for accelerated growth.
Here are some visuals for the tokenomics of $DOKI and $AZUKI
Basically, $DOKI is the governance token for all products in our ecosystem. $AZUKI is the utility token for our NFT products. Both $DOKI and $AZUKI have distinct features and play an important role in our ecosystem, and both should appreciate in value if our product is successful.
Q2 : On medium you announced introduced $AZUKI token. What is the reason you created other token for farming $DOKI? Why is it decreasing every 2 weeks for 6%?
Ans : Let me first clarify first that $AZUKI is not used to farm $DOKI. It’s the other way around, $DOKI is used to farm $AZUKI.
As explained by the answer to the previous question, $AZUKI has unique properties and plays an essential role in our NFT products.
I’m glad that you asked about the distribution rate because we put a lot of thought into designing the economics of $AZUKI
We decided on a 6% emission cut every two weeks for two main reasons:
1/ Results in a slow emission token and stretches the distribution period to 2~3 years. This provides $DOKI holders with a long-term passive income stream of $AZUKI tokens.
2/ This distribution schedule also aligns well with our long-term target of $400m USD NFT Platform volume, which translates into $20m USD of $DOKI buybacks assuming fees set to 5%.
I also want to mention that in the NFT DaPP, we will model the burn mechanic to offset the emissions. The burn mechanic will also be adjustable, so we can adapt to changes in price and maintain a healthy balance between farming emissions and burn.
Q3 : How much of $DOKI do I need to own to be part of its governance?
Ans : We have a clear vision and business plan for the NFT Platform and once we release the MVP, we will implement governance so that $DOKI holders can vote for feature upgrades and fee changes.
At this point in time, I can’t answer the question in full as we have not decided exactly how many $DOKI is needed to participate in governance. While governance is important, we want to release a product worthy of governance first.
Q4 : DokiDoki Finance mission is to build innovative yet stylish DeFi products that offer a strong value proposition for users and holders of the original $DOKI token. How did the DokiDoki Finance team achieve this mission? Meanwhile, there are lots of DeFi projects out there.?
Ans : Was asked this in a previous AMA but will answer it again because I think it’s a good question.
Allow me to explain using bullet points:
- Our token, pre-sale, and pool contracts were all developed ground up
- Our website, UI, NFTs and visuals are 100% original and unique
- Team tokens are linearly vested for 6 months, controlled by contract
- Unique tax feature, to fund future development if necessary (function is time locked)
- Our team is based in Japan, so we are in a unique position to use NFT technology to digitize the Japanese collectibles market ($6 Billion USD in 2020). In fact we are already in late stage business discussion with one major franchise, but that’s all the info I can reveal at the moment.
- Our NFT DaPP and NFT Platform will have strong product differentiation
- Both $DOKI and $AZUKI token contracts are time locked making it technically impossible for us to rug-pull. Anyone is free to review the contracts.
And most importantly our team has been in the crypto space long enough to know what works and what doesn’t. With $DOKI, we’re taking a very business oriented approach, similar to Binance’s BNB token. Our goal is to build a large scale revenue generating NFT platform and marketplace, which will give $DOKI real measurable value through auto-buybacks via the fees earned.
Q5 : What happens to the remaining $AZUKI tokens that haven’t been farmed after the distribution period? Don’t you think the process is burdensome, having to first buy $DOKI, then in turn farm $AZUKI, before buying or selling $NFTs?
Ans : As illustrated by the distribution graphs above, the remaining $AZUKI supply is reserved for Creativity and Consumption Mining and Platform Reserve.
I’ve explained the mining aspect in a previous answer. The Platform Reserve will be a fund governed by the community, and can be deployed for purposes such as marketing costs and third party development.
The second part of your question appears to be a misunderstanding as the process will not be that burdensome. Users can buy $AZUKI directly from Uniswap and spend them to obtain our NFTs via our NFT DaPP. We will also release a tutorial on how to interact with our NFT DaPP.
Anyways, UI/UX is very important to us as we believe it is critical for mass adoption of any product. Hence our NFT platform will accept payments in $ETH and perhaps popular stablecoins. Creators and consumers will receive $AZUKI, and the fees will be used to automatically buyback $DOKI. It will be a seamless experience managed in the background by our smart contracts.
3rd Segment: LIVE QUESTIONS
Q1 : ⭕Doki Doki is a Japanese term to represent the sound of a beating heart, is also related to love, fear or any other feeling that make a heart beat, so this is the inspiration to chose your name?
Ans : Traditional finance can be a little boring and rigid at times, because of all the paperwork, accounting, and bureaucracy. With DeFi, we saw the opportunity to change that. We can make finance fun and exciting, like a video game, while still keeping it functional, practical and user-friendly. Doki doki” = Japanese expression for sound of heart beating quickly, usually with anticipation or excitement. We chose this name because we want to develop exciting and stylish products that will incite a “Doki Doki” feeling for the end-user.
Q2 : I’m just hearing about DOKI DOKI for the very first as a newbie in the crypto industry, I find some things hard to understand, will DOKI DOKI provide any user’s guild to explain and simplify on how to understand this finance project better ?
Ans : Yes we completely understand that, as we have all gone through the initial learning stage in crypto. On our medium, you can find a staking guide: https://email@example.com/how-to-dstake-a8837daf5fcf
We also plan on releasing more tutorials, both written and video to help everyone understand our products.
Q3 : Your project website looks almost like video games🎮 . Do you have a role in keeping this type of fantastical theme? 😍
Ans : Haha thank you. We really had fun with the design of our website and DStake. So the answer is yes - we will continue to incorporate Japanese retro elements into our design. However, for our platform - we will design UI/UX that is optimized and suitable for mass adoption.
Q4 : Doki Doki
How can I earn NTF tokens (ERC-721) And can I farm the $ Doki I win in the game?
Can you tell me more about the game in question, Adventure and Mystery or Betting ?
Ans : Our NFT game will require users to spend $AZUKI, and that $AZUKI will be burned. We will release details about it soon. But here is a preview of our first two NFTs. We are creating an entire collection of Doki Doki NFTs to be farmed via our NFT DaPP.
Q5 : Do you have any Coin Burn / BuyBack systems or any Token Burn plans to increase the value of Token & attract Investors to invest?
Ans : Yup. $AZUKI will be burned to obtain rare NFTs. And NFT Platform fees will be used to buyback $DOKI. Both of these mechanisms are designed to increase the price of our tokens.
Q6 : 🔷 Doki Doki Finance is focused in the NFTs services like Swap and Staking, but Doki Doki allows to the user create their own NFTs? Do you have plans to integrate a mint mechanism?
Ans : Yes - our NFT Platform will allow users to mint their own NFTs.
Before you to, do you have any Final Words for community, also do good to share every useful links to your project and how we can participate in the Token Sale
Ans : Yes - I want to mention that we will be hosting a big NFT art competition. There will be prizes paid in $DOKI, and the top creations will be minted as part of our Doki Doki Official NFT series 01. We will announce the contest details very soon, so follow our project if you’re interested in participating.
If our project sounds interesting to you, feel free to learn more at:
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