Recapitulation of Gravity Finance PROJECT AMA event held at AMA LOVERS CLUB.
Date: Monday, 13 September, 2021
Time: 10:00 AM UTC
The Gravity Finance PROJECT team was represented by @copperncrypto and @GravityFi_D who judiciously shared with us detailed knowledge and information about Gravity Finance PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourselves and your background, also introduce the team working on GRAVITY FINANCE?
ANS: The team now consists of 10 people, most of us are anonymous (I’m sure our anonymity will come up as a question of its own so we’ll touch on that later).
Myself and GFI_D are the founders of Gravity Finance.
I have 17 years experience as a web dev and project lead and two decades experience trading in traditional markets and 5 in crypto, including development of automated trading systems.
D has 20 years experience in project management in bricks and mortar businesses.
Started looking at crypto in early 2013, as a hobby at first but quickly saw the potential and by the end of 2014 was fully immersed as a “trader” (shitcoiner / degen).
Crispymangoes is a Mechanical Engineer turned Solidity Developer. Crispy is the lead developer at Gravity Finance. We were looking for a blockchain developer who could “think outside of the box”, as we want to bring new products to the DeFi space; Crispy took the box and blew it up!
Sherlock is our front end web-dev with over 15 years experience. He has been in crypto since 2014, other projects he has been a part of include PRDX, SEPA, Space Shibes NFTs and now Gravity Finance.
Hilobrain is one of our blockchain devs, self-taught back-end developer with a background in physics and a big interest in blockchain technology, also part of the PRDX, SEPA, Spice Shibes projects with Sherlock and more recently Gravity.
Stroh is a graphics designer with 12 years experience in all things brand-related, including product design, animation, video editing and creating and maintaining design systems and UX design.
CryptoPanda specialises in JS and is responsible for creating and maintaining several bots that maintain consistent protocol function calls, such as fee-manager calls. (These functions can all be called by members of the public, but in the event a function has not been called recently the bots are there to pick up the slack.)
Agile is a web developer who specialises in React and blockchain technology and has been responsible for integrating updates to the analytics and swap exchange pages as well as looking at integrating new protocols such as 1inch and 0x.
ScubaJosh and TraderRob are our social media and community managers, helping to maintain the teams uptime in Discord and Telegram, helping the community with technical issues and creating content for social media posting.
Q2: Can you introduce GRAVITYFINANCE, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: We've prepped some of these intro-answers by the way. I'm not THIS fast at typing....
Gravity aims to offer a comprehensive suite of De Fi products and related services and is deployed on Polygon to allow fast and economical transactions which is highly suited for defi. This allows far more automation on tasks like auto-compounding due to the lower costs when compared to Ethereum mainnet.
Currently we have a decentralised Swap Exchange (DEX) and a Yield Farm where users can stake their liquidity tokens to earn our Governance Token (GFI). We just launched our own auto-compounding vaults so users can “set and forget” without having to spend time every day manually harvesting rewards.
We also have our own IDO Launchpad that we will utilise to launch new third-party projects on Polygon. We’re being very particular about the projects we launch as we want Gravity to be synonymous with quality, to that end, we have rejected several “meme-coin” type projects and projects that we do not feel were fully developed. We’re pleased to say we’ve been in discussions recently with a project who we feel has huge potential, we should be able to announce their launch with us soon.
As for what we solve that other protocols do not, and what our competitive edge is, tokenomics for a start. Most defi projects have a governance token with profit sharing and token holders are required to stake their tokens in a specific contract, where admin-fees are shared. With Gravity we don’t require this, GFI holders can use their GFI tokens on the platform without giving up their rights to the admin-fees. Hold the coins in your wallet, stake them in a farm, a vault, or provide liquidity as part of a GFI-x liquidity pool, you still benefit from admin-fees that are generated by the platform.
We don’t distribute the fees as more governance tokens either, so there is a lower sell-pressure on the market when compared to other protocols, instead, we convert the admin-fees generated on the platform into ETH and BTC (wrapped versions). The ETH is distributed to GFI holders as earnings and the BTC is stored in the Governance Contract, this gives GFI an ever growing intrinsic value which means GFI is literally “backed by bitcoin” and is programmed to increase in value.
No one else is doing this yet, other defi platforms are very rigid in how the admin fees are distributed, you have to stake your coins in a contract, you can’t use them, provide liquidity with them, earn yield on them, just lock them up and you earn “more tokens” which you then have to go and sell if you want to see a realised profit.
We also have a max-supply and built-in automatic token-buybacks and burning to constantly reduce the supply. As the token supply is reduced, the WBTC backing and WETH earnings and distributed in greater proportions across the remaining tokens.
Q3: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: I think our top milestone was actually figuring out how to allow GFI holders to benefit from admin-fees regardless of where their GFI tokens are located. We spoke with so many developers who said “it can’t be done”. The issue we found with a lot of developers in crypto is that they like to simply copy what has already been done, rather than making new stuff. So when you want to change something as fundamental as how admin-fees are distributed the developers need to think outside the box, which is why working with Crispy is so refreshing.
When we look at timelines and roadmaps, we try not to set hard dates on stuff. We’ve been in the space a long time, we know the sort of FUD that can come from a missed deadline or expected target, but we do have a plan to continually roll out new stuff, keep our community informed and part of the development process.
Currently on our list of products to work on we have got the following;
Automated and personalised investment strategies,
Lending and Borrowing,
Derivatives Trading (Options),
Q4: What's Gravity focusing on presently?
ANS: At the moment, we've working on expanding the vault strategies, integrations with aggregators (1inch and 0x example), getting integrated with Polygon related sites like DexTools.
We're finalising our launchpad protocol, which will automated IDOs and remove any trust requirements between the projects.
Q5: You mentioned earlier that there is an inbuilt automatic buyback.
Does this happen everytime a transaction is carried out? Or there it's a schedule buyback?
ANS: So the Buybacks currently come from 2 places. The first is performance fees from vaults, when those fees are GFI. Other than fees going to liquidity providers (from our AMM), we have a policy to never sell GFI which would only put sell pressure on it's price.
The second place are farms that hold GFI. Since any wallet or smart contract that holds GFI can claim platform earnings (WETH), we decided that any farm contract that holds GFI should claim it's earnings and then buy and burn GFI.
Now both of the above mentioned buybacks also burn the GFI. We also have a fee handling method available in our vaults that allows us to do buybacks and retain the GFI for future use in further farms or other activities. None of the current vaults have this method enabled though.
Q6: Can you briefly describe your PARTNERSHIPS so far?
ANS: At the moment we have one official partnership, that is with Adamant (ADDY) for their vaults. It’s difficult to make partnerships when you are planning to do everything. There is little to no benefit to a partner who offers lending and borrowing protocols when we plan to have our own lending and borrowing systems built on Gravity. We are open to new partnerships, but any partnerships we form have to benefit the Gravity Finance ecosystem and the GFI token holders, making new partnerships with yield farms is simply swapping value for value and ends up being a zero-sum game.
Q7: Finally before we proceed to the community live segment, Can you give an overview of your Tokenomics, and the UTILITY of the $GFI Tokens?
ANS: We have a max supply of 1.2b GFI, approx 315m currently in circulation. We sold 40m in IDO and the remaining will be distributed through the yield farms at Gravity Finance. For full info on the token supply/distribution see our docs here: https://inthenextversion.gitbook.io/gravity-finance/tokenomics
As for Utility, GFI is the Governance Token for Gravity Finance and currently allows users to earn and claim their share of the platform admin-fees that are generated. GFI holders will also receive various benefits throughout our platform such as reduced fees and exclusive access to certain features and events such as IDOs. In the future GFI holders will be able to use their GFI to vote on protocol updates/changes etc.
Further details on GFI holder benefits :
2nd Segment: LIVE Questions
Q1: Gravity Finance recently launched the Gravity Vaults and these Vaults have an access level of Public, Tier 1, Tier 2 and Tier 3. Why were there different tiers for these Vaults? Can you tell us the difference between the different tiers of Vaults with their benefits? Lastly, what's next for Gravity Finance after the launch of the Vaults?
ANS: We will be deploying vaults will exclusive access to certain tiers. The benefits will be reduced fees and/or exclusive strategies only available to the tiers. We will continue to deploy new vault strategies focussing on automating DeFi rather than just simple yield farming. We want our vaults to replace all the manually tasks currently associated with DeFi. we have some pretty powerful stuff planned which we can't talk about yet as we don't want to give away our ideas.
Q2: Could you tell us the decision that led to the closure of the v1 GFI farm (Single Staking GFI)? Some people are not comfortable with this process, so do you really think closing down of this farm is in the best interests of the project and what will happen to GFI remaining in this farm?
ANS: The V1 SAS Farm was closed for a couple of reasons.
1 - The GFI SAS V1 Farm had a function in it that would allow for us to remove the GFI (rewards and user funds) from the farm. This is a function that was flagged by RugDoc back in June and the reason we made a timelock contract for the V1 farms. The function only allows for the removal of the native token (i.e. GFI), so the remaining V1 farms (Sushi and Link) we can remove the GFI REWARDS but not the Sushi or Link.
Now that the farm is closed, we no longer have any reason for a "high risk" warning with RugDoc on the farms.
This function was completely removed in the V2 farms. The function was always intended to only be used in the event there was an issue, for example a farm could be exploited and therefore we might want to remove funds. However, as this function was considered high-risk we removed it from the future farms.
The other reason we decided to close the V1 farm is because it held a large supply of GFI rewards, which will be redistributed to NEW Yield Farms as rewards. These new farms will be coming online this week.
Q3: What ah nice project.
For an upcoming users who are interested in knowing more about your project, excluding what have read so far on your website, What are some areas @Gravity_Finance is interested in helping, and where precisely can we buy this token?
ANS: Thank you. I think we've answered most of this in the intro. As for where you can buy the coin, you can get it on the Gravity Finance Swap exchange (DEX) here:
Q4: Do you have any sort of rewards or incentives for members of the community you helps Gravity http://Finance.io in facilitating Bugs detection or Identifying spyware in your protocol ? I was studying your source code and I saw some something that really stood out. I knowq this might interest you knowing you are a Financial Service platform and security of your platform must be a top priority for you.
ANS: We have a bug-bounty yes. You can find our post about this on Medium: https://gravityfinance.medium.com/bug-bounty-c3ef8c433ae5
Any bugs should be reported as per the instructions in this article. Security is our number one goal for users with our platform.
Q5: - Are you aware that Afksystem.finance recently rugged all their vaults for a total of about $12m in profit? Can you assure us that our funds are safe in Gravity Finance vaults/farms and swaps exchange?
- You recently closed the v1 GFI SAS Farm, introducing the v2 GFI SAS Farm, is there any advantage/special features the v2 Farm has over the v1 farm?
What are the advantages of holding the $GFI token? Are there other assets we can hold to gain more incentives?
ANS: Yes we are aware and $2m of the stolen funds were from people staking our LP tokens on their site. We can assure you that we have done everything we possibly can to ensure our vaults are hack proof and also safe from team members (rug pulls). We have completed 1 audit and are waiting on the final report o a second. We also had a third independent auditor work directly with us (an individual). It would be irresponsible of us to tell you they are 100% safe but we have done everything in our power to make sure they are. This is DeFi (it's risky stuff) so risk management and common sense should be used by everyone.
There are currently no other assets you can hold to make more incentives (only staking LPs)
Q6: Hi! 💹, In the website of Gravity Finance, there is a inactive tab as "LaunchPad". Can you please tell when do you think of making it active? What will be the requirements for joining the projects in Gravity Finance LaunchPad?
ANS: The launchpad will be put online before our first IDO launches.
We used the launchpad ourselves to launch Gravity Finance into the Polygon space and everyone who took part in the IDO was impressed with how smooth the launch went.
However, Crispy has made some major improvements to the launchpad IDO contracts that we will use, this new IDO contract "factory" he has made will make the process of launching new projects more simple in our framework, and allows us to automate almost every aspect of a launch once the parameters have been agreed.
From the start of the IDO itself, to the end where funds are distributed to the project, admin fees and users can claim. The contract will also automatically create new farms for the projects launching, and create vaults for those new farms. Projects funds will be added to liquidity and locked in as part of their launch deals with us (for 3-6 months minimum depending on the terms agreed early on).
As for what projects are going to be hosted. We are being really particular with what we host. We want to be known as the go to place for QUALITY projects, so we're not going to be launching meme coins/tokens or projects that do not add anything new to the space. There is no value in launching "another yield farm" if that yield farm does not offer something NEW to what the other million yield farms are already doing.
Projects who are interested in launching an contact us on Discord and discuss, we then discuss with our advisors and team and decide if we want to continue discussions for a launch or not.
Q7: From your introduction, the core features or services rendered by Gravity Finance are Swap Exchange
Yield Optimizing Vaults
Launchpad . I looked closely at your introduction and there is no mention of Option Trading. Are you going to include this in the future or not. Meanwhile,as a financial platform, I was expecting to see Lending and Borrowing. are you likely to integrate Lending and Borrowing service in the future ?
ANS: Yes we are. It should have been included in the initial answer. We are also going to introduce lending and borrowing yes. The lending and borrowing will also leverage some of the features were are rolling out now to enable loans that essentially pay themselves off. We also plan on having loans where GFI can be used as collateral.
The V2 farms have been active for a while now, https://v1.gravityfinance.io/app
They were audited by CTDSec and Obelisk and also the 3rd independent auditor that T mentioned above.
The Obelisk audit is due any day (they are just finalising the report).
Q8: Will Gravity Finance list more staking pools? If yes, What are the features and qualifications that Gravity Finance will use to list projects that want to host their staking pools on your platform? Also can users move LP tokens be moved from on chain to another? Also when users stake their GFI Tokens, will there also receive rewards for holding? Could you earn both for holding an staking at the same time while staking?
ANS: Yes 6 more farms will drop this week.
Each project will be considered on it's merits. Having a MVP and audits in place is a good start as well as a solid team and plan.
The only "staking" is in farms and vaults that all have rewards yes. This is different to the platform earnings which you get benefit from regardless of the location of your GFI. You can read more on this here:
I'm not sure what you mean here. We have built Gravity Finance from the ground up and launched on Polygon Network, which has been growing rapidly for quite some time.
Q9: Can you state the uses of $GFI token uses in the project?
ANS: There will be several uses for GFI.
The first is the Admin-Fees sharing to GFI holders.
The second will be Tiers for various products, such as vaults where a GFI holders with a Tier 3 will receive a lower cost fee for using the vault than a user with Tier 1 or 2.
The third will be IDO access. To take part in Gravity hosted IDOs on the launchpad users will have to own GFI and have a tier (different tiers depending on the specific launch).
Q10: Going through your profile, it was obvious you were on the BSC Ecosystem before migrating to Polygon system. What caused the migration considering the fact that BSC network is on an innovative edge as of late and as for speed while will you choose Polygon for that and not the fastest ecosystem like Solana
ANS: We have never launched on the BSC network. Gravity Finance launched in May (19th) with our IDO on the Polygon Network.
Solana is an entirely different code-base to EVM (Polygon, Eth, BSC etc) but we do plan to be multichain and Solana is on our list :)
Q11: so how do you plan to launchpad and is there now an exact date for your upcoming IDO on different launchpads?
ANS: Within the next month we will be announcing our first IDO and the date.
Q12: While researching I came through the term "Approved Gravity Smart Contract" but could not understand what exactly it is. So can you please explain what is it and what use it has?
ANS: Gravity Approved SC's will basically be contracts that we create and use in the Gravity Ecosystem. These contracts are considered "approved" because we have logic in them that allows us to use them for Tier-tracking. There will be a list of "approved" contracts in the Gitbook and this list will constantly be updated.
Q13: As a DAO, what governance work will be available in the community and what will be the requirements?
ANS: Last One. The DAO governance will simply require GFI holders to vote on things that are proposed, such as changes to how the GFI backing is used, strategies for longer-term investments etc. This will grow as the project expands.
Yes, as soon as the Obelisk audit is finalised we will be getting RugDoc to do a new review for us and we will be rolling out some more updates to the UI on the site.
Then, we will start with a marketing campaign.
Bear in mind, we have done very little (almost zero) marketing to date, and we have over $50m TVL on the farms and vaults. So once marketing starts we expect things to get wild!
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