Recapitulation of FAEV FINANCE PROJECT AMA event held at AMA LOVERS CLUB.
Date: Wednesday, 21st April, 2021
Time: 8:00 UTC
The FAEV FINANCE PROJECT team was represented by @FaevDaniel who judiciously shared with us detailed knowledge and information about FAEV FINANCE PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on Faev Finance?
ANS: Absolutely. My name is Daniel, and I am a 2nd year CompSci student from Australia currently working full-time as a Technology Consulting intern. This is my first ever yield farm project, and I'm doing it solo. That's why it's taken almost 2 weeks to build!
Q2: So you are the CEO/Founder of FAEV?
ANS: I wouldn't call myself that, those are too fancy titles. I'm just the guy who started Faev Finance :)
Q3: Can you introduce Faev Finance, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: I started Faev Finance because I was the victim of 2 rug-pulls. I had lost quite a fair bit of my savings, and I decided to start my own yield farm that's unruggable. I've removed the migrator code, set a 24hr time-lock to be implemented after the pre-sale ends, and have received a vouch from the Rug Doctor himself; He is well-known for having detected various rug-pulls, and getting a stamp of approval from him is absolutely massive.
I hope to produce a yield farm that instil confidence into investors; Faev Finance would cater to those who are interested in long-term, sustainable yields. As such, the APRs are high but not irrationally high so as to cause a dump. I'm interested to attract investors who would be dedicated to the project long-term, instead of those who are here thinking it's a get-rich-quick scheme. I'm waiting for quotes from Hacken, Quantstamp and ImmuneBytes, and would be very keen to have my first full audit completed and further instil confidence.
Q4: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: The first and most significant milestone is that I've actually managed to launch a yield farm! I read as much as I could on Solidity documentation and tried my best to ensure that the contracts are as safe as possible to prevent any rug-pulls. Secondly, I've gotten a small community who have jumped in and we've raised almost $220,000 in the pre-sale in 9 hours (Pre-sale is still live!), and our farming mechanics seem to be working smoothly!
I hope to achieve the first milestone of $500,000 TVL and that's when I'll use at least 50% of the fees collected to buy back and burn FAEV tokens, thus increasing the price of the tokens and providing investors with a capital gain. My roadmap is to continually introduce new, high-yield farms with partner sites such as Bunny, Venus etc. The most important goal of this project is long-term survivability with relatively-high APRs, and to that end I will endeavour to do whatever it takes to achieve that goal. Safety and peace of mind will always be at the forefront of my priorities.
Q5: You seems to be using the word "I" frequently which has pushed me to asked
Is Faev a sole owner project?
ANS: Yes sir. No team yet, but I'm hoping to bring someone on soon! it would be great to have a second dev to help out with future features.
Q6: Can you briefly describe your PARTNERSHIPS so far?
ANS: Currently the only partnerships I have are with the early investors of Faev Finance - The community has been very receptive to the project. It's been great knowing that my efforts in building this project have been met with so much positivity! For the future, I'm hoping to reach out and partner with some of the much larger, more renowned projects such as Autofarm and Bunny. It's still the very early stages of this project, and I'm hoping that a favourable audit result from either Hacken, QuantStamp or ImmuneBytes would boost confidence and participation into the project!
Q7: When did you launch Faev?
ANS: Approximately 9 hours ago, about 10am AEST here in Victoria
It's insane to see $370k TVL in such a short amount of time!
Then, it's impressing 👏👏
Most projects don't get their stands within weeks of launching!
Thank you! I'm very humbled by how much support and positivity the community has given Faev Finance
Most projects dont last more than 24-48 hours, let's be honest. I'm here to stay. All my contract codes are transparent and published on BSCScan to read, and you can see that there's no chance of a rug-pull
Q8: Can you give an overview of your Tokenomics, and the UTILITY of the $FAEV Token?
ANS: This is going to be a long one so buckle up!
The tokenomics currently stands as such : There are 100,000 pre-minted tokens that are all being sold via auction pre-sale (https://app.bounce.finance/fixed-swap/6044). Any unsold tokens are immediately burned, such that I do NOT hold any tokens. Farming has already started, so once you purchase $FAEV tokens, I invite you to deposit them into the farms and start generating income!
I've implemented a 1% transaction fee that will be paid when an investor stakes, unstakes, etc. This will be be paired with a 4% deposit fee on non-FAEV farms (No deposit fee on FAEV farms!), and I shall use at least 50% of the total fees raised to buy back and burn FAEV tokens.
In the future, I hope to introduce exclusive high-yield farms that are accessible only to long-term stakers, as a reward for their continued participation, trust and dedication to Faev Finance.
Emission rates would halve every week, resulting in a perpetual deflationary cycle. Combined with a maximum supply of 9.8million tokens and token burning, this will ensure that the FAEV token price is, in the long-term, in an upward trajectory, thus contributing towards the capital gains aspect of the token.
The biggest utility of the $FAEV token would be generating sustainable passive income for investors. This yield farm will endure and thrive for a very long time to come, and I hope it brings prosperity to all who invest and participate.
Q9: Okay, 50% of the fee generated will be used for buyback and burn
But then, where does the remaining 50% go to?
ANS: At least 50%! Might even go up to 75%
Okay, in this case what about the remaining 25% 😄
CertiK audit is $15k, and I'm proposing to have a monthly audit. If approved by the community, then that's a costly expense!
I'm trying to do everything to show that I am serious about Faev Finance being a long-term, sustainable project
So the remaining fee goes into operation and development expenses?
Yeap! Paying for server hostings, audits, and finally I've got to make some money for myself as well! That's the best way to incentivize myself to keep innovating and ensuring that the project survives, because it's a source of income for me.
2nd Segment: LIVE Questions
Q1: I had been a victim of crypto rug polls. It’s such a pain. Many project come and claim they are Against scam but at the end they scam. So how can you ensure me that FAEV FINANCE is not like them? What are the security and safty you guies provide?
ANS: My contract codes are all available at BSCScan. Here's the FAEV token (0xa2f0B35B93f39F19B010999aaa28Bd5A77eb40f4) and the Masterchef contract (0x9f60456cef5adfc072bfe8b7af5b27b1fa6a6d10). Please go to the Read Code section and verify that there is no migrator code. I will also transfer the Masterchef contract over to the 24hr timelock after the pre-sale ends, as I still need to adjust APRs now.
Q2: Hello🙋♂🙋♂🙋♂🙋♂ I see a price on faev.io which is $5.365 , does this mean $FAEV is trading somewhere else while sales is still ongoing on bounce? Is it advisable to buy from the somewhere else aside Bounce?
ANS: THe pre-sale on Bounce is at $5 per token, and the market price on Pancakeswap is $5.3. You're free to purchase anywhere you're more comfortable :)
Q3: 🌸The main attraction of Faev Finance lies in the 2 characteristics: security and stability, that is very important, so could you tell us what are the strategies to maintain and strengthen those characteristics so that the attractiveness of FaevFinance increases? And also something very important is trust, how will we, the users, trust you?
ANS: Security - I will have monthly audits, and the community will vote as to which audit company it will be each month. There's no migrator code, and the contracts will be sent to the 24hr timelock after the pre-sale.
As for stability, I shall ensure that the APRs are high but not unsustainably, irrationally high. They would reward investors but not cause dumps. Also, I'm looking to only attract long-term farmers, not people interested in a get-rich-quick scheme.
Q4: Ever since starting this Faev Finance project, what has been a great challenge for you?
ANS: Building trust! BSC is riddled with rug-pulls, and I'm hoping that Faev Finance will be able to convince you that it's transparent, safe and sustainable!
Q5: ⭐Faev Finance is a performance cultivation platform that was conceived as a long-term sustainable project without the risk of carpet pulls, but what were the reasons that led to the creation of Faev Finance or what were they inspired by? Also why did they choose the Binance Smart Chain network and what are the benefits it represents for their ecosystem?
ANS: I was rugged on 2 occasions in the past, and having found the Rug Doctor, I saw that there was demand for sustainable, safe yield farms. Many people were victims of rugs and I wanted to change that.
I chose BSC because it's fast and cheap, compared to Eth where you have to pay $100+ gas fees per transaction.
Q6: My questios is simple
Why FAEV FINANCE choose manual token burns? While most of the projects now choosing automated token burn mechanism. Why do you think manual token burn mechanism is better? And who will decide when and how much token will be burnt?
ANS: I'm still learning Solidity, so once i figure out how to do automated compounded and token burns I'll implement it!
Q7: I know FAEV FINANCE did audit by AnChain. Can you tell me the results of the AUDIT? And only 1 audit can't give the full security. So do you guies have any plan to do more audit by other companies?
ANS: So far the AnChain audit shows 0 vulnerabilities for both the FAEV token and Masterchef contract! I'm waiting for Hacken, QuantStamp, ImmuneBytes and other audit firms to give their estimated costs and timeline!
Q8: So you plan to offset the inevitable inflationary pressure from the high yield APY by demanding for new investors to come into the project. Don't you think this might be unachievable because getting investor is not certain which means the solution approach is just a projection?
ANS: Halving emission rates every week + buy and burn will help offset the inflation!
Q9: He mentions that they have previously suffered carpet pulls, therefore they have the experience of mistakes made in the past to push this new project towards a long-term path. What are the things that you learned from these adversities so as not to fall into these mistakes again?
ANS: Read the code, never go all-in, DYOR, and always consult the Rug Doctor!
Q10: I visit your telegram community and saw the community is so small. It’s only 64 member when i visit. Community is very important to grow a project. And i also know you guies take community vote to do monthly audit. So what's the plan to grow your community? Bigger community also brings people trust.
ANS: Organic growth is incredibly important for me! I'm hoping word of mouth, coupled with my application to list on BSCNews, BSCProjects, CoinmarketCap and CoinGecko would help as well!
Q11: Token sales started about 7hours ago on bounce, how is the progress going? For how long is the token sales going to last?
ANS: Pre-sale lasts for only 24 hours! So that's almost 14 hours left so go?
Come and support us if you're interested in seeing Faev Finance grow! We went from nothing to $462k in TVL in just under 12 hours! I'm hoping to continually innovating and improve Faev Finance for the long-term benefit of all participants involved :)
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