Recapitulation of FUDMARTTOKEN PROJECT AMA event held at AMA LOVERS CLUB.
Date: Saturday, 27th February, 2021
Time: 15:00 UTC
The FUDMARTTOKEN PROJECT team was represented by @Leverageppro who judiciously shared with us detailed knowledge and information about FUDMARTTOKEN PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the Team working on the FudMarTToken project?
ANS: My name is Chukwuka Obeleagu from Nigeria. Am an Ex- Banker and Crypto Educator.
I started my Cryptocurrency Journey from my YouTube Channel,
From Educating people about Cryptocurrency, I moved on to create token and start the Launching of a Decentralized Exchange, called Fudmart Swap (Currently being developed)
I have being in the Cryptocurrency industry for 5 years now.
We are still putting Teams together as the project evolves.
Q2: Can you introduce the FudMarTToken project, what critical problems does it solve that existing solutions are not solving and what's the competitve advantage?
ANS: more than the rest of cryptocurrency and what drives a cryptocurrency project.
So getting the right people is not that easy.
Fudmart Token is the cryptocurrency of an Automated market making Exchange
you can call it a Decentralized Exchange without Market Maker and Order Book
So the Exchange basically uses the liquidity it has to set price and trades
For example, if you want to trade BNB - FMT
The Exchange to have a Liquidity pool of FMT and BNB
The Exchange manages the pool and ensures that trade always happen regardless of the amount involved
Those who provide these liquidities are called Liquidity providers and in most Exchanges, they earn from 0.15 - 0.3% of the transaction fees charged by the Exchange
Fudmart Swap is unique in that we are the only ones that will offer 0.35% to Liquidity Providers
once Exchange launches
Sneak Peek to Fudmart Swap...
Working with Developers to resolve the Remaining issues.
Then Date for Launching Will be Launched.
As you can see it was tested on Testnet
So this is a Screenshot of the Exchange
And anyone can create any Trading Paira and Provide Liqudity so that they earn 0.35% of fees generated
This is one of the things that will set Fudmart Swap apart from others
if we talk about the features aside from swap and pool, you talk about staking, launchpad, erc20 to BEP20 bridge and a DEX Aggregator
these features will launched phase by phase once Fudmart Swap and Pool goes live.
Q3: Can you briefly describe the Top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: Successful Presale was a major Milestone
Right now its Trading on Pancake Swap which is a Second Milestone
our Next Milestone will be the launching of the Exchange
then followed by phase by phase release of other features of the Exchange.
How to buy Fudmart Token
Q4: Can you briefly describe your PARTNERSHIPS, also how's your experience upon Listing on PancakeSwap?
ANS: Binance Smart Chain ecosystem is still young compared to its counterpart, Ethereum
So there is not much partnerships till you prove yourself.
We are looking to get close to Binance since they have systems that can help Projects from Africa
Thats our Major Goal for partnership
through them more people can trained in areas surrounding Smart Contract, creating DApps etc
So far these skills are mostly found in Asia
but with Binance partnership more Africans can be trained in these Areas
Pancake swap listing is great. Fees are cheap and transactions are fast
so as a startup project, people can easily buy our tokens without breaking the bank.
the only challenge is there is no local stable coin for ease of purchase with Naira
So Fudmart Swap can solve that with its Digital Naira token, DNGN
So that people can easily get onboard onto the DEFi space without having to buy Tether or BUSD all the time, just o buy any cryptocurrency in the Smart Chain space
More will made known once the Exchange launches.
Q5: Finally, Can you give an overview of your Tokenomics, and the UTILITY of the FUDMARTTOKEN?
ANS: Fudmart Token is the Governance and Reward token of Fudmart Swap
FMT total supply is 30000 FMT
you can verify the information
Thats the Max supply.
10% is what is in Circulation either in the Exchange or in Holdes wallet
10% is for Team and Future Development
80% is for Liquidity Mining Incentives and rewards like airdrop etc.
Q7: Any token locked?
ANS: The 80% will be locked when setting up the Liquidity Mining Contract.
We tried Locking the team token but on binance smart chain, there is no token lock project.
we contacted Trustswap for their Token lock service but they are yet to build a platform on binance smart chain.
2nd Segment: LIVE Questions
Q1: Fudmart swap is the first Decentralized exchange and Decentralized Finance platform built by a Nigerian, I'm also a Nigerian and this makes me delighted to see solid projects as Fudmart being developed by fellow Nigerians.However, with the recent ban of crypto by CBN, won't Fudmart be summoned one day by the Nigerian SEC for operating illegally or you guys are not affected in anyway with the ban?
ANS: Thanks @Abisola1
Decentralized Exchanges do not come under CBN regulation because Fiat Exchange is not used on the Platform.
Also, Decentralized Exchanges do not store your coins like Centralized Exchanges. So you the user holds your coin in your decentralized wallet like trust wallet or metamask wallet then connect to the Exchange anytime you want to trade.
So CBN asking Banks to close account wont affect us because fudmart swap dont store your Naira.
When CBN or SEC releases their frame work of operation, we will analyse it with a Legal team and see if any of our operations will be affectd. but I doubt it because Fudmart Swap is purely a Smart Contract.
As a startup project, the first thing we need to ensure is the ease at which anyone even a newbie can buy Fudmart Token
But the Ethereum ecosystem was marred by high fees and Network congestions on the layer 1. Eth Layer 2 is not fully ready, so we had to migrate to binance smart chain and also migrated the liquidity of FMT from Uniswap and Sushiswap.
as FMT has ERC20 and BEP20 tokens, Fudmart swap has an ERC20 and BEP20 Bridge that will enable anyone to move between the two networks.
Once Eth layer 2 is fully functional and things are better, we will restore back Fudmart Token liquidity to Uniswap and Sushiswap Exchange
Q2: You stated that 3000 FMT (10% of Total Supply) will be set aside for improving Fudmart Swap and to compensate users for their losses due to any kind of unforeseen circumstances. What kind of circumstances will such a compensation be considered?
ANS: Defi is still new and things like Liquidity Mining Hacking do occur due to Bugs in the Contract.
So the funds is to ensure the continual improvement of Fudmart Swap so that such things don't happen.
Q3: What is the deadline date for token holders to migrate their tokens from ethereum blockchain to binance smart chain? What happens to holders who aren't able to get the information on time or aren't able to migrate before the due date?
ANS: There is no deadline. Fudmart swap will have a Bridge for anyone to trade any erc20 token on Binance Smart Chain.
The Bridge enables one to deposit ERC20 token and received BEP20 Token and vice versa.
Q4: Low liquidity is one of the main problems with the DeFi, Project what are you going to do about it? Do Fudmart have a liquidity provider program? What benefits for liquidity providers?
ANS: Like I explained Earlier, we are offering more to the Liquidity providers 0.35%. Even uniswap does not offer this to its LPs.
Fudmart Swap will have a Liquidity Mining Program so that LP tokens can be staked in exchange for token rewards.
Q5: I saw the the maximum amount of FMT a user can acquire is $2000. Is there any way of making sure that people don't use different wallets to acquire a large amount of FMT? Is it allowed to have multiple holdings of $2000 worth of FMT?
ANS: This limit of $2000 was set for the Presale not for actual trading.
The Presale has ended so that no longer applies
Anyone can buy any amount from Pancake swap and Fudmart Swap once it launches.
There are so many good questions but these are the ones I can answer for now.
Join us on Telegram and Twitter to learn more as we countdown to the launch of our Exchange.
Final words to this awesome community, is to please buy Fudmart Token and Invest in Fudmart Liqudity Pool.
Our Referral airdrop is on March, 31st
Join our Telegram group https://t.me/FudMarTToken for more information
How to buy Fudmart Token from pancake swap:
How to add Fudmart BEP20 to your Trust wallet:
Highly recommended to use Trust wallet
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