Recapitulation of MOCHI MARKET PROJECT AMA event held at AMA LOVERS CLUB.
Date: Wednesday, 14th April, 2021
Time: 12:00 UTC
The MOCHI MARKET PROJECT team was represented by @Shhcrypto and @Kevindo90 who judiciously shared with us detailed knowledge and information about MOCHI MARKET PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on Mochi Market?
ANS: Mochi.Market is the first product of Mochilab.org. There are currently 12 of us and growing, mainly tech and biz focused. Our team is full of dedicated people spreading out globally, aiming to develop technological solutions to enable a seamless web3 NFT economy. This is our big main goal.
A little bit about myself, I had a consulting and finance background and began my blockchain journey since 2017. I spent the first 10 years of my career working for MNCs in Vietnam, Singapore, and Germany. Funny enough, my first corporate job was with KPMG and the last one (hopefully :)) was with EY
In between, I also did my own business. I was always entrepreneurial and wanted to build something cool. After I broke into crypto in 2017, I started advising token-based projects in various capacities, from token business model, to business strategies, marketing and community building. In 2019, I founded a crypto media platform called Blocks99.com with the focus on tokenization and DeFi.
Earlier this year, I got introduced to Kevin’s team (a team of 6 blockchain researchers and engineers). They were working on an NFT marketplace product on BSC at the time after they won the third prize in the Binance Hackathon in late Feb- The future is now.
We clicked immediately and founded MochiLab (and Mochi.Market) together. We have been working closely together ever since and enjoying the fast speed of running a crypto project in the NFT bull market. I am very proud of our team. We have achieved so much together as a team over the course of the last 40 days when we officially kickstarted the project. We worked over all the weekends and worked late every single night. However, we are a very young and fun-loving team so we also have a lot of fun working together. :)
We have grown from the 7- member core team to 12 as of today, including our advisors. I should not forget to mention the support of our early investors. They have been of tremendous help.
@Kevindo90, I have spent 4 years in the game development industry before moving to blockchain development in 2016 and acting as the leader of the blockchain research and development lab of a big company.
I spend a lot of time researching and applying the newest blockchain technologies into products.
I also dedicate some time to guide and teach blockchain in Vietnam to help the blockchain community grow.
That’s all for a quick intro about myself. I second Sophia’s comment, thank you for having us and I look forward to today’s AMA.
Q2: Can you introduce Mochi Market, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: Ah, straight to the point! Alright here we go
NFT has been all the rage so far this year, there is little doubt on the general public’s awareness of how big the NFT landscape and application is.
We have a huge vision beyond DeFi and current application, however, this is the level where we would like to start by applying our solutions to the real problems that current users and early adopters are facing
Some of these include: lack of liquidity in the NFT market, lack of monetization strategy for NFT holders during their holding period, and lack of cross-chain usage between NFTs and FTs.
Cross-chain usage between NFTs and FTs...wow!
ANS: We will be using various cross chain bridges to enable the swaps between FTs and NFTs, NFTs and NFTs.
The Mochi Dex is functioning like a Uniswap for NFTs. To enable this, we will be using Uniswap core technology and build two more modules on top of that.
Q3: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: As far as initial phase goes, these are some of the key highlights of deliverables and milestones that we intend to do in the near future
Airdrop system was released in March, many more Airdrop programs will come in Q2 and Q3
Working on smart contract security audit with Halborn- a top security firm https://halborn.com/
The Marketplace is completed and ready to run very soon right in Q2 after completing security audit.
The Mochi Earn - Yield Farming/Staking mechanisms are under development, which help users make the highest passive income when interacting with Mochi.Market. Those features will be released very soon right in Q2, too.
The Mochi DEX - AMM of NFT as @shhcrypto mentioned above, one of our foremost features is being designed and implemented very carefully to make sure the mechanism is feasible with both technical and market needs.
as they say, a picture is worth a thousand words, more roadmap details can be found here: https://mochi.market/PitchDeck.pdf
I think this summarizes our initial phase
Beyond the initial phase, we would focus on developing products, integration, as well as continuous community development and integration (given our goal to eventually become a DAO), and of course market growth and adoption beyond the initial targeted DeFi users and early adopters of NFT.
Q4: Can you briefly describe your PARTNERSHIPS so far?
ANS: As Mochi.Market is building an integrated NFT product that aims to be a mini super app for NFTs where users can mint their own NFTs, exchange with the others using our P2P marketplace, swap for other NFTs/FTs using the AMM styled DEX, get to use their NFTs to get access to NFT airdrops or special events, or use DeFi features in Mochi.Market, we are looking to partner with various stakeholders in the blockchain, DeFi and NFT ecosystem that could bring tremendous value to our users and expand our ecosystem.
The focus is currently on the game development studios, gaming companies, other NFTs and DeFi projects. We have been in talks with some notable players in the industry and closed the partnership with some. We will be announcing the partnerships over the coming weeks so stay tuned!
By the way, we have these cute Mochis emojos that our community created for us. I hope the AMA Lovers clubs members love them as much as we do. :)
Q5: Can you give an overview of your Tokenomics, and the UTILITY of the $MOMA Token?
ANS: We intend to align our interests with the interests of token holders, our community, and the stakeholders at large
Having this in mind, some of the utility of $MOMA token are discounts on transaction fees, special offers and rewards, yield incentives, and governance.
Governance will be a significant part of our roadmap and the tokenomics, given our beliefs on DAO and our goal of transitioning to DAO as day goes by.
Speaking of token, I think another unique thing that we may share is our fair launch in our IDO. Although this language may be interpreted differently by different people, in short, all investors (no matter how big or small, no matter of background) have the same price and unlock time.
I forgot to mention that the seed and private investors also invested at the same terms and prices as the IDO investors.
We have closed the seed and private round as of today, and are planning on the IDO, which we will announce with the community shortly!.
Q6: On which platform will the IDO be conducted [that's if you can disclose with us]?
ANS: We cannot give you a specific date yet, since we are still in talks with some launchpads to finalize the details. However, please bear in mind that it might happen very soon. :) Please make sure to follow our announcement channel and our discussion group at the end of todays AMA to keep updated with our (very fast) progress.
2nd Segment: LIVE Questions
Q1: Some of the projects which have battled inadequate liquidity specially for FTs by the means of Automatic Liquidity Generation in which part of transaction fees is converted to liquidity everytime a transaction is carried now.
Now Mochi Market is trying to solve the same problem for NFTs, are you using the same method of Automatic Liquidity Generation?
ANS: It is true, there are a number of people/projects that identify similar problems and trying to tackle them too, which is great for the community and the industry.
However, our key technical value-add comes from the unique solution we have towards solving the NFT liquidity problem.
We believe some of the current solutions are temporary fix to deep problems, we will most likely be the first one to land an elegant solution to NFT fractionalization and liquidity.
Hope this clarifies :)
Q2: The Mochi.Market is planned to be launched initially on Binance Smart Chain. What is the main purpose to first launch on BSC and are there any future plans to deploy the Mochi.Market on any other blockchain apart from the BSC?
ANS: The reason to launch on BSC is more like a users decision, rather than our own decision. We at @mochi_market is a community-driven project. Being user-centric is our top priority.
As you might have been aware, BSC has gained significant market share from the past year, mostly thanks to the new Defi applications being built on top of it.
Thanks to its fast transaction time and low transaction cost, Bsc is excellent for Defi use cases, as well as comin NFT projects.
I guess none of us want to pay 50$ fees for a 50$ transaction on Ethereum.
At the moment, most of the working project that have sizable userbase are on Ethereum. However, projects have started to move from Ethereum to Ethereum layer 2 protocols, or Bsc.
Building on Bsc will help us: 1. Attract more NFT users/creators with lower transaction value that using Ethereum would not make sense to them. 2. We have a strong Defi component as part of our Mochi.Market integrated platform, being firstly on Bsc will be more attractive to Defi/NFT users.
Q3: Can you explain me the MOCHI reword system? What i have to do to get MOCHI reword?
ANS: we have many rewards for users who participating with our ecosystem
we decided to share a portion of the marketplace transaction fees with the owners of the collections
you can see the detail formular in our white paper
By the way, the link to our white paper with detailed technical explanation for those interested in diving deeper :)
users can gradually accumulate their RewardToken on our system or instantly withdraw them to transfer to others. The more RewardToken users hold, the more beneficial for them to participate in our future campaigns
like Airdrop, Lottery, Mini Games
to encourage users to trade on the Mochi.Market platform, we have RewardToken bonuses for users.
Q4: NFT Is a very new platform. Every new thing has some challenges. As a NFT platform, what are the challenges MOCHI.MARKET face so far and how you overcome those challenges?
ANS: This is a great question. NFT industry a very new industry. NFT as a crypto asset is very specific and has its unique characteristics that make its different from the traditional FT tokens (BTC, ETH, BNB and the like) that we know of, meaning they are unique.
Alright, let me continue. We are a bit excited. :)
So NFT as an industry is facing many challenges that need be solved to foster the mass adoption of the NFTs.
One of these challenges stems from the fact I mentioned above, the unique nature of each NFT. There are problem with the price discovery mechanism that we as an industry have to work together to find the solutions for.
How do we evaluate the value of NFT artworks, for instance, is another problem that needs the solution.
On top of that, liquidity problem is one of the main problems that the industry is facing. We at Mochi.Market is looking to solve this problem by proposing novel solutions using cross-chain technology and other existing technology applicable in the FTs splace, such as using Uniswap as the core technology to innovate on top of it.
Q5: Have you added any deflationary features to ensure your $ MOMA token is scarce in the market? What methods will you use to control the token emission and achieve price stability?
ANS: great question, the short answer is YES
1 - vesting period for team members, advisors, development funds and ecosystem funds (which is the norm in the industry, however, this vesting does not apply to the participants of the IDO)
2 - yield farming and staking to encourage longer term behaviour
3 - fund for liquidity (which helps price stability)
Of course, we cannot control market behaviour but we hope that through this design as well as the potential of buyback and burn (subject to further review), there will be more alignment across all stakeholders.
I really love the questions you have dropped here. I wish we had more time to answer them. We will be having the next AMA with our very own community tomorrow. We will have $MOMA tokens rewards for the best questions as well. Make sure you join our discussion group @mochi_market. :) Have a lovely day, all!
Follow Us On Our Various Social Media Communities For More Update;
Telegram Community: https://t.me/mochi_market
Telegram Announcement: https://t.me/mochimarketnews
Our personal twitter accounts:
Once again, thanks for having us, we hope that you are as excited as we are. Take care and have a lovely day / evening everyone, wherever you are! :)
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