Recapitulation of Jetfuel Finance AMA event held at AMA LOVERS CLUB
Date: Saturday, 2nd January, 2021
Time: 16:00 UTC
The Jetfuel Finance team was represented by @jetfuelmiro. He judiciously shared with us detailed knowledge and information about the project.
1st Segment: INTRODUCTION
Q1 : Can you please introduce yourself and your background, also introduce the Team working on Jetfuel Finance project
Ans : Sure! I got my start in Crypto in 2013 and I’ve worked on a number of projects this year behind the scenes. In 2018, I attempted to Tokenize a Hedge Fund, which we ended up closing due to high compliance fees.
Our team includes 6 community moderators in the main telegram group, 1 full time solidity developer, 1 part time developer to assist as needed, 1 front end developer, 1 front end project manager, and 1 part time designer.
Q2 : Can you introduce the Jetfuel Finance project, what critical problems does it solve that existing solutions are not solving and what’s the competitve advantag
Ans : Jetfuel.Finance a yield farm and yield optimizer on Binance Smart Chain. Binance Smart Chain is like ETH but 10x faster and 10x cheaper. We are deploying projects like yield farms, staking, and vaults to help users maximize their returns with very little work on their end. Essentially, think of us as building robo financial advisors for users on BSC. Just approve deposit funds, and let us products handle all the hard work for you.
Our primary token is a deflationary token called FUEL. It has a 2% transaction tax built in. 1% is burned automatically forever, and 1% is sent for the staking reserves.
We have a secondary token called JETS. JETS is a staking and governance token. It allows you to earn yield from up to 4 different revenue streams through staking, farming, GFORCE passive yield, and vaults revenue. Our staking system is unique because we are currently providing JETS holders with DOUBLE FUEL rewards. Not many projects are able to provide that to their staking users like we have.
We have 21 audited vaults about to be released. The vaults will auto compound and redeposit your LP, so your deposits grow automatically while they’re handled by our smart contracts. So a user can deposit 1 LP token into a High APY vault, and come back a few days/weeks later to see their LP token has grown to 2 LP tokens if the APY is high enough since the smart contract will harvest the token, sell part of it to bnb, add it back to the LP pool, and redeposit the new LP token.
Our goal is to move quickly to partner with legitimate projects in the space. We firmly believe a win-win deal will help grow BSC. We are currently communicating with a number of great projects and will be announcing more partnerships soon.
Q3: Can you briefly describe the Top milestones you have achieved and your target milestones with timelines, also share your roadmap
Ans : We have achieved many milestones since our launch on Dec 6!
$8 million in TVL (total locked value)
$2.7 million in FUEL-BNB liquidity
$2.5 million in FUEL market cap
Successfully partnered with Billion Happiness
Two partnerships about to be announced next week
Jetfuel Launchpad is launching next week
$230,000 in FUEL has been automatically burned
Go live with our 21 AUDITED vault contracts. Less than 1 week
Introduce our 3rd token GFORCE through an IDO (Initial Dex Offering). Less than 1 month
Develop community safety tools. Less than 1 month
Launch Jetfuel Launchpad - Less than 1 week.
Products to be developed:
Jetswap - an innovative AMM
Cross chain vaults - we'll be launching on ETH and automatically transferring profits back to JETS holders on Binance Smart Chain.
A lending and money market protocol
2nd Segment: LIVE QUESTIONS
Q1 : Could you tell us what Fuel, JETS and GFORCE are, the roles each play and why introducing 3 different tokens into the JETFUEL ecosystem? Also, since JETS cannot be traded on Jetfuel, so why should we hold it?
Ans : Great question!
FUEL – Fuel is our primary token for Jetfuel.Finance. Our primary token is a deflationary token called FUEL. It has a 2% transaction tax built in. 1% is burned automatically forever, and 1% is sent for the staking reserves. Currently, FUEL-BNB is allocated 80% of all new FUEL to be farmed.
JETS is our staking and governance token. You can earn up to 4 income streams by holding JETS and using it to stake. We do not recommend trading JETS. If you're unable to get your JETS back, you can not withdraw your FUEL deposited into staking.
GFORCE is our next token to be released and it’s inspired by RFI and Trinity, it’s a passive yield token with some interesting features. GFORCE will include automatic liquidity building based on trading volume, part of the transactional tax will be sent to all GFORCE holders through passive yield, and users will be able to gamify the token by calling a function to remove some GFORCE liquidity and use the proceeds to automatically market buy GFORCE.
Q2 : How many killer features of Your project that makes it ahead of its competitors? Could you tell us 2-3 features ?
Ans : Yes! Our JETS will allow users to earn 4 income streams. The 3rd income stream is about to launch with our audited vaults! JETS holders will receive revenue from the vault harvests automatically.
We are looking to also build an AMM with innovative new features Binance Smart Chain hasn't seen yet. And to tie it all together, we'll be launching a lending protocol similar to Compound.
The best part is that all of our products will send a portion of the fees back to JETS holders. So in the future, JETS holders will get fuel rewards from farming fuel, fuel staking rewards, vault rewards, GFORCE passive yield rewards, AMM trading fees, and lending fees.
Q3 : Why you choose the name JETFUEL FINANCE. Is there any reason for choosing this name?
Ans : The market is saturated with food tokens. We wanted to do things a little different. Jet Aircrafts are pretty cool so we wanted to build our project around aviation.
Q4 : Most projects have to go through certain difficulties and challenges, what difficulties do you face and how do you overcome them?
Ans : The most important thing you can do as a project is to listen to the feedback from the community! A project is nothing without a supportive and happy community. We try our best to listen and take their feedback into consideration so we have a user base as we grow.
A few weeks ago a user pointed out a security issue that was missed during our initial audit. We worked with him and patched the issue right away.
The biggest challenge we are facing is trying to develop as fast and securely as we can. The DEFI market moves quickly and we want to ensure that we stay ahead of the competition.
Q5 : Many Defi projects ensure the quality and security of their product by an independent third party,it makes investors more confident to invest. Will you contract to audit with third party in the future?Will Jetfuel ensure the security of user data and privacy?
Ans : Jetfuel is audited by Vidar the Smart Contract Auditor! Please go here to read our audit report. https://jetfuel.finance/assets/images/audit.pdf
We have also hired Vidar to audit our 21 vault contracts to ensure they are safe and work as they are designed. Once we receive his audit report our vaults will go live.
Q1 : Great can share all detail link for presale token and all social media::!
Ans : Sure! We are still working on GFORCE so we don’t have the presale links ready for that.
Q2 : I have one question before you leave. Do you have a partnership with BHC
Ans : Yes! BHC (Billion Happiness) has been a great partner. They have a BHC-BNB fuel farming pair with some of the highest APYs on Jetfuel. BCH provided 1,000 BHC tokens for JETS staking and the staking just ended.
BHC is currently building an NFT marketplace and NFT minter. They will be the first NFT marketplace to support the custom NFTs Jetfuel has created.
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