Recapitulation of JetFuelFinance PROJECT AMA event held at AMA LOVERS CLUB.
Date: Friday, 6th August, 2021
Time: 16:00 UTC
The JetFuelFinance PROJECT team was represented by @Jetfuelmiro who judiciously shared with us detailed knowledge and information about JetFuelFinance PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on JETFUEL?
ANS: Sure! My back ground is in entrepreneurship and finance. I started Jetfuel in Dec of 2020 to introduce a trusted, safe, audited environment for every defi user. We've built a 1 stop shop for defi that includes yield optimizers, staking, governance, lending and money market, 2 AMMs on BSC and Polygon, and a successful launchpad.
The Jetfuel team is 20+ consisting of a strong development team of 8 front end, backend, and senior engineers. Our CTO is Engineer. He over sees all technical implementation of our massive project.
Our Director of Marketing is Chuck Yeager. He has deep experience with marketing and entrepreneurship and has started and operated many successful businesses in his life.
We also have community groups in most of the major languages in the world. I'll tag the groups at the end of this message.
Q2: Can you introduce JETFUEL, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: Sure, so like i stated in the last question, Jetfuel is a massive Defi Ecosystem on BSC and Polygon.
Our Brands include:
Jetfuel Finance: Yield Optimizers and home of the FUEL and JETS token
Fortress.Loans : A decentralized money market and lending protocol. Fortress will be the primary talking point for today's AMA. The native token for Fortress is $FTS with about $29m in TVL.
Jetswap.finance : Jetswap is our AMM on BSC and Polygon. We have about $76m TVL between each chain.
Fortress was built to incorporated a trusted and decentralized money market that allows users to unlock the power of their assets
In Fortress, you can supply assets and earn interest in what ever you supplied! We support lending and borrowing with 12 assets and they include:
BTCB, ETH, BNB, BUSD, USDT, USDC, DAI, ADA, BETH, XRP, LTC, & DOT
With the inclusion of Fortress, we are the only defi application that offers a full suite of products for the end users.
Today we are thrilled to have upgraded Fortress and I'll talk about that more later in the AMA.
this is the massive interest you can earn by using Fortress!
You can get paid up to 19% to borrow money!
Q3: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: The Jetfuel and Fortress Ecosystem has been built with a security first approach and has consistently been in the top 15 TVL of all projects between Jetfuel, Fortress, and Jetswap.
We've never been hacked or exploited which means users funds are always safe from malicious actors.
Today is the day we upgrade Fortress.loans from Developer control to Community Governance and that goes live at 5 pm UTC.
$FTS is now the governance and staking token for Fortress. Use your FTS to dictate the future of the protocol.
This the list of upgrades we made today:
-Transfer the Oracle Provider from Band to Chainlink (DONE).
-Updates from Dynamic Rates to Fixed Speed Ratings.
-Removal of FAI rewards and eventual elimination of FAI.
-Adding the possibility of borrowing caps on assets.
-Add FTS as a single asset to earn FTS.
-Add FTS-BNB Pancake LP as an asset to earn FTS and promote FTS liquidity.
-Cross Chain to Polygon.
-Governance goes live.
-Fortress only Telegram & Twitter
In the future we plan to build these items for Fortress:
• $FTS as a rate modification token. What that means is a user can spend their FTS to increase their supply APY. For example, Jeff supplies BNB and is earning a base rate of 5% APY, he can spend the FTS to bump the 5% to 5.5%. On the flip side, he can spend FTS tokens to reduce his borrowing rate. If Jeff is borrowing BTCB at 7%, he can spend the FTS tokens to reduce the rate to 6.5%. The FTS used for the increase and buy-downs will be burned and taken out of circulation forever.
• Leverage as a Service: We want to tap the massive liquidity potential with Fortress by offering leverage as a service to yield farms and AMMs. Projects will be able to boost their farming APYs by borrowing from Fortress.
• Fixed Rate Lending: Some suppliers and borrowers may not like the dynamic rates of the protocol. In order to serve them better, we’ll be offering fixed rate loans soon. • Governance that is accessible to the average user.
Announcement for the upgrade: https://jetfuelfinance.medium.com/fortress-protocol-governance-updates-1d9a8799e64c
Chainlink Partnership: https://twitter.com/chainlink/status/1422165104209104897?s=20
$FTS to the 🌕
Q4: Can you briefly describe your PARTNERSHIPS so far?
ANS: There are almost too many to name! 😂
I'll compile a quick list
to name a few 😂
Q5: Can you give an overview of your Tokenomics, and the UTILITY of the $FTS Tokens?
ANS: Sure! $FTS is the governance and staking token for Fortress.loans
Fortress is a fixed supply token with 10,000,000 FTS. We launched the token through an IJO and raised $2m selling 500,000 FTS.
You can supply and borrow on Fortress to earn FTS tokens over 2.5 years from April 26th 2021.
Suppliers and Borrowers will earn and equal share of FTS tokens
You can find more on the tokenomics here: https://docs.fortress.loans/fts-tokenomics
and when we say Borrowers can earn FTS, that means you can GET PAID TO BORROW!
We are also opening up governance
Users with 100,000+ FTS can submit proposals to upgrade the protocol and make changes. We are thrilled Fortress has matured enough to allow this upgrade.
You can vote here: https://bsc.fortress.loans/vote
In the future $FTS will be a rate modification token. What that means is a user can spend their FTS to increase their supply APY. For example, Jeff supplies BNB and is earning a base rate of 5% APY, he can spend the FTS to bump the 5% to 5.5%. On the flip side, he can spend FTS tokens to reduce his borrowing rate. If Jeff is borrowing BTCB at 7%, he can spend the FTS tokens to reduce the rate to 6.5%. The FTS used for the increase and buy-downs will be burned and taken out of circulation forever.
2nd Segment: LIVE Questions
Q1: The Fortress protocol enable users the ability to borrow and lend cryptocurrency assets, users who would love to lend their assets, say BTC, i assume they can redeem it back anytime they deem fit, how will they do this? For users who borrows crypto assets, the condition stated in your white paper is that they must supply a collateral, and it must be over-collateralized, and you can borrow up to 60% of your collateral, let's say you supply $2000 BTC, you can borrow $1200, we know the market is very volatile, what happens if BTC price rally or dips? Won't the user have to pay more or less than he borrowed? Is there any mechanism put in place in case of such happenings?
ANS: So the collateral factor is set at 60%, which means for every $100 supplied to Fortress, a MAX of $60 can be borrowed.
we have a safe borrow feature that allows you to quickly borrow 40% of your borrow limit. That;s 40% of the 60%, so $1,000 supplied with a safe max is $240.
Users will need to manually enter borrows over this limit.
If the case of volatility, you can get liquidated if your borrow limit goes over 100%. Liquidators will take a 10% fee to close your position to protect the security and assets of Fortress.
Users will need to monitor their position to ensure they don't get liquidated especially if they go over safe max.
Q2: I read from one of your documents that loans from the Fortress protocol do not have monthly payments, late fees, and can be paid off at any time. Does this mean that there will be no penalties for defaulters? Why do you think this procedure will be sustainable for long term?
ANS: Users do not need to make payments or have any fees other than the interest they have to pay when they pay back their loan!
Since a user can only borrow 60% of their supply they will need to pay back the loan to get their collateral (supplied money) back.
Q3: 1. Can you outline the benefits I will be getting if I choose to provide/supply liquidity to the Fortress protocol?
2. In a case where there disputes between users on the Fortress Lending platform, how are these disputes resolved?
ANS: You will earn interest per block from borrowers when you supply assets/liquidity. You'll also earn FTS tokens as an additional incentive. Currently the rates are high for suppliers and low for borrowers which is why the TVL is so high 🤘
The platform will be controlled through governance, those with FTS can vote and make their voices heard!
Q4: A while ago, you posted a tweet on Fortress Loans which goes this “Wake up tommorow and Get Paid to Borrow”. Kindly clarify what this statement meant because for me, I would really love to be paid for borrowing. So kindly let me know this is possible because I am intrigued by how a person can be paid to borrow rather than he/she paying interest on the borrowed sum ?
ANS: Yes! This is a great feature of Fortress.
Users who borrow against their collateral will pay interest to suppliers, however, each assets on Fortress will earn FTS. 50% goes to suppliers and 50% to borrowers. So borrowers will also earn more FTS tokens.
Right now you can borrow BTCB and earn 16%! The positive earning comes from the FTS rewards.
Q5: What is the relationship between Jetfuel Finance and Chainlink? How are the two projects working together? How do you at Jetfuel benefit from this partnership?
ANS: We just upgraded our price feeds and oracles from Band Protocol to Chainlink. Chainlink has the most secure and reliable feeds. This means in times of volatility the protocol is secure and there won't be unnecessary liquidations.
Follow Us On Our Various Social Media Communities For More Update;
Please join our communities!
I think this is a great community and I hope they can participate in the future governance of Fortress!
Buy $FTS since it's on the uptrend!: https://dex.guru/token/0x4437743ac02957068995c48e08465e0ee1769fbe-bsc
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