Recapitulation of FANTOMDAO PROJECT AMA event held at AMA LOVERS CLUB.
Venue: https://t.me/amaloversclub
Date: Tuesday, 15th February, 2022
Time: 16:00 UTC
The FANTOMDAO PROJECT team was represented by Genie Fantom who judiciously shared with us detailed knowledge and information about FANTOMDAO PROJECT.
1st Segment: INTRODUCTION
✨✨QUESTION1: Can you please introduce yourself and your background, also introduce the team working on FantomDAO?
👉ANS: I am the Genie, one of the head executives of FantomDAO. I have been working with blockchain and cryptocurrency projects for the last 4 years after I completed my Ph.D. in Mathematics at Harvard University. Our core team members are from Australia, India, South Korea, Turkey, and the United States, and previously helped launch many projects into a great success.
For the sake of our Decentralized Automated Organization (DAO), we plan to maintain privacy. We believe that a DAO should belong to the community, as we aim to decentralize the economy in the FantomDAO ecosystem so we highly value every investor's opinion.
Our team is made up of an executive team, a developer team, a marketing team, and a community engagement team. All of the teams have dedicated members that have continuous meetings to work in sync to achieve utmost success. All of the team members have been working relentlessly for FantomDAO to come up with the most interactive and community-centered project that is highly utilized in many environments and have real world applications.
Our developer team is made up on many previous Binance developers, so we believe in the expertise and the extent of our project. We work with the best and for the best to deliver what our community needs and wants.
✨✨QUESTION2: Can you introduce FantomDAO, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
👉ANS: The critical problem FantomDAO aims to solve is that many of the blockchain assets do have their specific owners and regulators. We,as the FantomDAO team, plans to award the ownership of the project to the community as time goes on.
We are a rebase token, so we can adjust the circulating supply of our native token in the market at any given time. Initially acting as a bank, we aim to control inflation and dumping by buying back our own tokens to help our investors.
The competitive advantage of FantomDAO is that we guarantee a stable increase in the price after our release, due to our mathematical model following a balance of stable inflation and burning. Overall, this allows us to reward our investors based on the time they stay with FantomDAO, as we aim to be one of the long-term rebase projects in the DeFi2.0 environment.
One of the main problems that FantomDAO addresses is that there has not been a launchpad, gaming and NFT platform all combined in the Fantom Opera Chain. What we aim to do is serving as a platform to allow the users to trade NFT’s with no fees, invest without a bound, and eventually use their NFT’s to dive into a sandbox environment in which they can explore the new potentials of the metaverse.
We are one of the first Launchpad projects in the Fantom Opera Chain, so we want to be a leader for all other upcoming projects following our ideas and metrics.
✨✨QUESTION3: But do you really think FantomDAO can maintain a stable increase in price?
How do you intend to create inflation?
The burning mechanism doesn't seem to be totally effective of recent🤔
👉ANS: Yes, we do believe that we can maintain the stable increase in our price. Our mechanism of buybacks do differ from burning in which we actually buy our own tokens instead of throwing them away, which creates an increase in the market cap while also decreasing the supply, which helps maintain stable inflation rates and also benefits the investor.
The stable increase could be maintained since a fair amount of inflation is good for ecosystems like ours, which essentially stands as a metric of growth and success.
✨✨QUESTION4: Can you briefly describe your partnerships/backers and community so far?
👉ANS: Our partners are rather individuals than big capital funds since we aim to reach 100% community ownership. Our main partners are anonymous individuals since after our buyback period, our project will be community-owned. Hence our main source of funding is social and virtual capital. Owning $MAGIC tokens make all of the community members stakeholders, and opens a door for royalty. We have also been KYC’d by AssureDefi, one of the most trustful KYC platforms.
We are looking to come up with our own gaming environment in which you can put your NFT’s into use, but for starters, we will be announcing our Play to earn (P2E) partnerships soon after launch.
The royalty we want to provide to our community will make our holders will come with real life applications as well. We value our community extremely highly, so we will delineate people chairs in our executive meetings. There will be a right to vote for the top people who create the highest volume in our ecosystem. We adapt our communities’ wants and ideas, and we believe giving the opportunity to state their ideas to our investors should be in the nature of our DAO.
Not only executive meetings, but we also will be inviting our top holders and subgroups in our community to real life events. These real life events will consist of royalty parties, big blockchain gatherings and many more.
✨✨QUESTION5: Can you tell us about your earning mechanism? How can you earn in FantomDAO?
👉ANS: In FantomDAO, there are multiple ways our investors can earn.
The main source of earning and income is staking our native token $MAGIC. When you stake the token, there will be an APY relatively high, granting the investors a high return on their investment.
Our starting APY will be over 80,000,000%, which is gradually going to decrease as time goes on. This highly favors our early investors as we expect the APY to decrease marginally. This will occur to protect the price of our native token, which is a safety measure we want to have for our loyal investors. This APY creates a jumpstart in our expected inflation, which helps us reach our long tearm goals in a shorter time frame.
Another way of earning $MAGIC is going to be through bonding. There will be also bond discounts pumping events throughout the early stage of our project, which will allow our investors to purchase $MAGIC at a fairly low price.
The last and most distinctive way of earning in FantomDAO is the NFT’s that we are coming up with. There will be two types of purchasable NFT’s: Booster NFT’s and Royalty NFT’s. Booster NFT’s will increase the APY that you get from our ecosystem by a % based on the rarity of your NFT, while the Royalty NFT’s grant stable tokens on a regular basis.
FantomDAO’s NFT’s will be utilized in many ways to boost investors’ returns. For example, some special NFT’s will be incorporated with a Sandbox Game which FantomDAO develop to provide further benefits of P2E (Play to Earn).
✨✨Talking about staking, will there be a limit to how much can be staked per address?
No, there will be no limit to how much an address could stake.
✨✨QUESTION6: Okay, let's talk about the governance token!
Can you give an overview of the Tokenomics and Utility of $MAGIC tokens?
👉ANS: The extensive details of our tokenomics and utility of FantomDAO could be found in our Medium article.
Our token does not have certain given allocation precentages, but keep in mind that the ultimate goal is to make all of the tokens in the market owned by the community, and FantomDAO will only be acting as a Treasury to ensure healthy growth of the project. So essentially, there is no real owner of the project as the treasury is ran by smart contracts and alogrithms to manage buybacks and creation of new tokens to ensure stable earnings for all of our investors. So there will only be the initial circulation of the native token as a starter.
To sum everything up in a more condensed way here are the details of our tokenomics, utility, and IDO:
Initial Circulation Supply: 60,500 $MAGIC
● Whitelist IDO: 22,500 $MAGIC ($20/token)
● Public IDO: 22,000 $MAGIC ($25/token)
● Initial Liquidity: 16,000 $MAGIC
IDO Usage will be:
40% — Initial Liquidity
40% — Treasury
20% — Developments and Partnerships
2nd Segment: LIVE Questions
✨✨QUESTION1: The Fantom DAO core team has a diverse Can you give us some information about the background and worldwide presence of the Fantom DAO core team? And can you also confirm if any member of the team have verified their full identity?
https://twitter.com/KezmaKezma1/status/1493540474061213701?t=k0UpxpFym01bwoj_TSzhCw&s=19
👉ANS: As we mentioned previously the team will not reveal their identity just because we want to maintain the privacy of the project because we want to make sure everyone is investing and doing their activities without any bias. As we said the identity of the team will not be revealed as the nature of the decentralized autonomous organization in which we aim to do everything autonomously and community-based while maintaining everyone's investment healthy. We will be going with using names that relate to the projects such as the "Genie" "Casper" "Tinkerbell" and such since we believe that revealing individual identities in a DAO will be creating FOMO.
✨✨QUESTION2: Being an Investor, I always focus towards the vision and goal of any great project, please tell me what is the main reason to build FANTOM DAO and in near future where you want to see FANTOM DAO?
https://twitter.com/John98520227/status/1493616649609433090?t=pbGLusZyz7QQtxji0H4Z8g&s=19
👉ANS: We have been getting a lot of questions about how we want to work in long term. Our long-term goal is that we want to be deviating from other decentralized autonomous organizations that we are going to maintain our price action and ensure that the price of the native token is not crashing by doing fairly big amounts of buybacks and ensuring our annual percentage yield. So in the bigger picture, we want this project to be a part of the major community rather than having central governance or a group controlling how the project works so as time goes on. The majority of the decisions will be made by the biggest holders of the community and there will be certain places in which the community can vote and discuss the project's future. We have seen that three out of four investors would like to get into decentralized autonomous organization projects just because of their price action and they think it's profitable. We aim to be profitable but also want to accomplish a lot more things than what other projects have been offering. Acting as a way to get into WEB 3.0 using the Fantom Opera Chain, we plan to be one of the main channels of the FTM environment that will allow people to get into NFTs and act as a launchpad for many distinct FTM projects to feed into the new metaverse and sandbox games in the upcoming future.
✨✨QUESTION3: I read that your NFTs will be able to provide incredible benefits, so would it be possible for you to explain to me the role that these NFTs would be playing within your ecosystem? Would they only have functions or utilities within your game?
https://twitter.com/LAYAYIS26254656/status/1493617426105356293
👉ANS: The main idea with our project is that we want to mix Defi, launchpads with the NFT ecosystem. This really helps the ongoing projects on blockchain as well just because we want to introduce three different concepts that have been done separately and show that everything in the blockchain is actually tied up to each other. Not only doing this but also providing a treasury that backs all of the assets, creating a place in which people can invest safely and without any control over their funds we want to provide an environment that is easy to work with. The arrival of new users is really important to us and this is why we aim to succeed in the long-term as well. There will be advantages and events that we will offer our new investors through this union of three elements that we have mentioned. The NFTs we are going to have will take part in the games we are planning to implement. And for our starter NFTs you can refer back to medium articles or ask in detail in our discord.
✨✨QUESTION4: Which do you think is more important to fantomdao:
A. Community
B. Investors
C. Token Price
If all of the above is important to you, which should come first especially being an infant project?
https://twitter.com/Skyzzy12345/status/1493494804130447362?t=PJL_o7XR_N04LQQO8H9pLQ&s=19
👉ANS: Like we mentioned, the most important one for FantomDAO will always be the community. The investors and community is not going to be seperated because they feed each other. The price action is just a calculation metric of how successful we are to make our community satisfied and well in collaboration with our investors. As an infant project, we will be putting everythning out there for optimal community satisfaction. All a,b,c do work together and cannot be seperated in our opinion, so all three are extremely important.
✨✨QUESTION5: how does this Fantom DAO project work so that one day it can become a very large project? And Should there be a partnership with one of the biggest markets like blockchain or other investors? Thank You
https://twitter.com/lantoniojos/status/1493609932867964932?t=okhnW2nNmvrDtmOnpK5WKg&s=19
👉ANS: Being a monopoly of Defi2.0 is our main target in the Fantom Opera Chain as we aim to provide services in multiple branches of the blockchain environment. As we mentioned, our services of staking, bonding, nfts, events, launchpad, sandbox games and much more, we plan to inherit these other smaller projects go give them spaces to live in the FantomDAO environment. As we continiue to grow, we will keep inheriting small projects to allow them to keep building under the ecosystem that we are (and have been) creating.
👉CONCLUSION:
I really appreciate your time, it was a pleasure for me as well. Here are some last minute notes for everyone:
Make sure to participate in or IDO next week (22 Feb - 23 Feb)
Whitelist events and allocation decisions are being made at the moment. We would kindly want to invite you to our discord server to see the details on how to participate in our Whitelist and IDO.
We hold many small community events, giveaways, and contests to distribute rewards to our community as well!
You will also have the chance to get one of our limited edition NFT’s along the way, which will grant you many benefits in the community.
👉Follow Us On Our Various Social Media Communities For More Update👇👇👇
Useful links
🌍 Discord: https://discord.gg/Q33rmYwXru
🔗 Website: http://fantomdao.finance/
🕊 Twitter: https://twitter.com/Fantom_DAO
📰 Medium: https://medium.com/@fantomdao.official
✅ KYC: https://fantomdao.gitbook.io/fantom-dao/useful-information/kyc
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