Recapitulation of FRANKENSEIN FINANCE PROJECT AMA event held at AMA LOVERS CLUB.
Date: Sunday, 30th May, 2021
Time: 16:00 UTC
The FRANKENSEIN FINANCE PROJECT team was represented by @MonsterDefi and @Beth_lavenza who judiciously shared with us detailed knowledge and information about FRANKENSEIN FINANCE PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on FRANKENSTEIN FINANCE?
ANS: Hi I’m Monster, you can call me the "Head Monster" in charge at https://Frankenstein.Finance. We have a team that consist of 5 full time developers as well as extended staff on the creative design and marketing side of the project. We are all hardcore Crypto fanatics with an extensive background in blockchain and software development, online marketing, direct response sales, and decentralized finance.
Q2: Can you introduce FRANKENSTEIN FINANCE, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: Frankenstein Finance is the first and obviously in my opinion the best yield farming optimizer for Fantom and Binance Smart Chain. We operate on both blockchains simultaneously. We provide a very clean and intuitive interface combined with features that our users enjoy while having some of the lowest fees in the industry with very high rewards. We have a built in referral system, lottery, global workers with harvest claims, and we will be releasing a full blown DEX here in the upcoming weeks if not sooner.
Q3: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: From strictly a numbers point of view, Frankenstein surpassing 20 Million+ combined TVL in the first 24 hours of Launch was pretty awesome. Our community has grown both in members and in support of the project, I have to give a big shout out to our incredible community thus far who have been supportive since day one. The short term goals consisted of the basic must do's that any project goes through like user support, auditing, debugging, and developing and integrating more strategy partners which we've completed. We will continue to develop, get important listings and marketing exposure and have plans to release a DEX which will be live here shortly.
Q4: Can you briefly describe your PARTNERSHIPS so far?
ANS: Sure, with Frankenstein being a fairly new project and considering the current conditions with the overall state of the crypto market in general, strategic partners are more reluctant to just "recommend" everyone and anyone. Without name dropping we are personally involved in private telegram chats with many projects owners directly on both the FTM and BSC side of the community and we definitely have their attention. From a farming and integrations standpoint we have some of the best strategic partners currently active in our protocol. We will continue to add more partners as the days progress.
Q5: Can you give an overview of your Tokenomics, and the UTILITY of the $FRANK Token?
ANS: Yes sure. Frankenstein operates on 2 Blockchains FTM and BSC.
Max Supply Cap:
2 Million Frank Tokens BSC
2 Million Frank Tokens FTM
Daily Reward Distribution:
Total ~5,486.301 FRANK/day (0.190496575342466 FRANK/block) BSC
Total ~5,486.301 FRANK/day (0.063498858447488 FRANK/block FTM
For a more detail breakdown of our Tokenomics and Fees here's a link to our documents.
Users have the ability to use Frank Tokens to purchase tickets to participate in a global lottery and win the jackpot prize which happens 4 times per day. 2 times per day on BSC and 2 times per day on FTM.
We are incorporating a governance system that allows users who hold more Franks to be rewarded with more voting power in regards to features, development, and the overall direction of the platform.
We are also releasing a DEX that will rewards users with various functions and discounts based on having Frank tokens in their wallet so this incentivizes users to hold Franks to reap these benefits.
2nd Segment: LIVE Questions
Q1: What is your current project FRANKENSTEIN weakness, how will you overcome it? And what is the strength to project FRANKENSTEIN to lead the market?
ANS: Great question, I would say our biggest weakness is nothing from a technological standpoint, more of the timing of what is currently happening in the Crypto market. All we can do is focus and continue developing our platform and eventually the market and users will see that we are a serious player in the space and we will earn their trust.
Q2: Why do you choose FTM and not a platform with a large payment volume like Ethereum? To attract more users interested in the FTM network, what will Frankenstein need to do?
ANS: We believe that FTM is a very strong and upcoming blockchain that many users will become attracted to. Their fees are extremely low and transaction speeds are very fast. ETH has many projects and it's very hard to standout in a crowd of competitors. FTM being in it's infancy allows us more first mover to market advantage and we can capture more of the audience since there are less competitors in the space. This is a win for Frankenstein holders.
Q3: The feature that interests me the most on https://Frankenstein.finance is the Frankenstein lottery system. However, when it comes lottery playing, we users can only feel relaxed to play when we’re sure that the system is reliable. With that said, who determines the winning number or rather, how are the ticket numbers drawn? https://twitter.com/kerzy_f/status/1399036716455968773?s=19
ANS: Thanks for your question! Have you ever played the v1 lottery from PancakeSwap? We are basically the same, if you haven't had the chance to play the PancakeSwap lottery here is some more information about our lottery and how it works, you can find the answer to your questions and more information about our lottery here: https://docs.frankenstein.finance/extra-info/lottery https://docs.frankenstein.finance/help/lottery-faqs we are the first lottery on Fantom Opera (FTM) by the way 🙂 Come play and try your luck, draws happen twice per day! https://frankenstein.finance/#/lottery
Q4: As a community-based project, Do you have a referral reward system plan or a global ambassador? Can I get any benefits by referring and holding $FRANK for a long time?
ANS: We have a built in on-chain referral system that rewards you 0.25% of your referrals earnings for life. You can refer an unlimited amount of users.
Q5: Please can you talk more about Single asset pools and about the farms you plan to upload? I am interested.
ANS: Sure! We are working on releasing single asset vaults to our project hopefully this Monday and throughout the week. We are currently working on adding single asset pools from, Alpaca Finance, Belt.fi, and BZX, keep an eye on our announcement and chat Telegram channels to know exactly when they are released, so you can take advantage of the initial APY.
Q6: What are the advantages & differences of $FRANK compared to many yield farming that offer a very high APY, and why would investors choose it over other yield farming opportunities?
ANS: We offer very low fees combined with very high rewards for our users. We also incorporate features that will make you more money like an on-chain referral system, global harvest with claim rewards, the lottery system with an ever growing jackpot. The biggest thing we have coming is our full blown DEX which will attract not just Frankenstein users, but all other crypto users across the industry. Frank holders will benefit from this as we will be using fees to buy, burn, and add liquidity to the Frank Token thus increases it value.
Q7: With the recent flash loan attacks, what are the improvement to your security that will make investors trust your platform?
ANS: Everyone is vulnerable to a flash loan up to a certain extent, however there has to be certain factors in place in order to make a flash loan successful.
There are 2 main ways to perform one, and this is based on what we have seen so far.
The first way to make a flash loan successful is whenever there is a price arbitrage opportunity between two or more exchanges, this is possible during times that the market is volatile, for example the past couple of weeks have been terrible for the entire crypto space, therefore with there are price differences between the price of TOKEN-A in one exchange vs TOKEN-A on a different exchange, even if the price difference is in the cents, if whoever is performing the flash loan, it’s constantly calling a function that is looking for this price differences, if it sees one with potential profit, then it can be executed, in our case, since we are not listed on exchanges yet, this doesn’t apply.
The other way to do a flash loan is via an exploit to code from one of the project’s smart contracts, similar to what happened to BUNNY and other forks from them. In order for this to happen is not that simple, it’s actually quite complex.
In the case of BUNNY, its code in one of its smart contracts has a function to distribute rewards, this contract can lower the price from the LP, the contacts validates the price of the LP in order to distribute tokens, when the flash loan was executed, the borrowed amount played a role in comparing price of the LP opening a window for the flash loan exploit to happen, however, for FRANK this is not the case as our smart contracts don’t work like that or have that function. Hope this clears out your doubts 🙂
Q8: Please tell us more about the optimal compounding strategy with an efficient pricing model that Frankenstein Finance uses.
ANS: For projects that do not have auto compounding, the user absorbs the gas fees associated with unstaking, staking, harvesting, and etc. Over time these fees add up. With auto compounding you do not have to worry about these fees as Frankenstein does this automatically. In the long run the compound rewards you earn from not having to absorb these small fees really do add up tremendously.
Q9: To encourage users to refer Frankenstein to more people, in the near future do you plan to change the policy towards increasing rewards for referring users in your Referral Program?
ANS: This may be something we propose in a governance vote and we will let the community decide if this does come up in the future.
Q10: ⭐ When I was reading about Frankenstein Finance, I couldn't stop thinking about the name Frankenstein and $FRANK, Why did they choose that name and why do they identify with the famous character Frankenstein? Should we trust a fallen angel or an Adán?
ANS: Great question Maria! The reason why we called it Frankenstein was because we already started the project inspired by Swamp Finance, which Swamp's mascot is already a swamp monster, in addition to that, we brought the monster the lab, added to it a lottery system, added to it a workers module, added to it a referral system, and we made it cross chain, when we were adding all these functions and smart contracts together we felt ourselves like Victor Frankenstein himself sowing and adding more body parts to the monster, turning it into Frankenstein, when we compiled it, we yelled, IT'S ALIVE!
Q11: In most projects, especially defi projects, those that provide yield farming are driven by hype and scarcity, so when the hype disappears, the project will die. What is the key to maintaining the project?
ANS: We tend to avoid the hype and shiny object syndrome. We want to focus on development and applying practical deflationary strategies to maintain the value of the Frank Token. Providing a real life utility for the token like our goals with the DEX will create stability. Strong marketing and strategic partnerships and promotions done consistently while putting our community first will foster a healhty growth of our protocol.
Q12: On their platform they have a lottery but I would like to know what is the limit of tickets to the lottery of a single user and what anti-whale system do they have so that the lottery is fair among the members of the community?
ANS: Single User Lottery Entry Limit: No overall limit, but only 50 can be bought at one time through the UI.
Q13: While studying your lottery system, a user can't buy more than 50 lottery ticket at once. What will happen in a case of multi-user or multi-accounts.. Will it require KYC? What will happen to the the fund of users that did not win the lottery? Will it be added to liquidity or bunt?
ANS: 50% of our lottery jackpot is burned. This is one of the many deflationary mechanisms we put in place to grow the token value. There is a cap limit on how many tickets a user can purchase at one time, but they have the ability to purchase as many as they like. When no one wins the lottery jackpot it rolls into the next drawing thus growing the pot even larger and attracting more potential ticket buyers. End of the day this helps provide more liquidty and deflation.
Q14: Why do you choose FTM and not a platform with a large payment volume like Ethereum? To attract more users interested in the FTM network, what will Frankenstein need to do?
ANS: We chose FTM because we see the opportunity on this farily new network, the fees and speed on FTM are really good. Transaction fees are very very inexpensive, to the point that you don't even feel the fees haha. The Ethereum network has very high gas fees, imagine if you would like to invest $100 into our farm in ETH, it would've cost you $80 already by approving and depositing contracts. BSC and FTM provide inexpensive fees making it more attractive to investors.
Q15: What strategies are in place to encourage long-term yield farming and provide appropriate incentives for long-term holders? And what inspired Frankenstein finance to have its own Lottery and other features added on the platform?
ANS: Deflationary mechanisms in place to ensure long term farming and price stability. Utility like our DEX will create an additional revenue source that will combat against deflation as well. We also only integrate and work with projects that are trustworthy and vetted to ensure our users are earning the highest rewards with the most secure platforms available in our industry.
Q16: As a community-based project, Do you have a referral reward system plan or a global ambassador? Can I get any benefits by referring and holding $FRANK for a long time?
ANS: Yes, we do have a referral program in where you can earn 0.25% of your referral's deposits, harvests, and withdraws. The benefit of holding FRANK allows you to get voting power for our proposal, and at the same time, we are working on adding some benefit for FRANK holders when uing the DEX, maybe lower fees.
Follow Us On Our Various Social Media Communities For More Update;
Our main page:
Telegram Chat: https://t.me/frankensteinfinance
Telegram Announcements: https://t.me/frankenstein_ann
Please be sure to follow our social pages and come to our telegram chat to ask more questions, we are here to help and answer them!
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