Recapitulation of SHIBANOVADEFI PROJECT AMA event held at AMA LOVERS CLUB.
Date: Friday, 11th June, 2021
Time: 22:00 UTC
The SHIBANOVADEFI PROJECT team was represented by @QueenOfDegens, @Pls_call_me_Miss and @kevin_or who judiciously shared with us detailed knowledge and information about SHIBANOVADEFI PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourselves and your background, also introduce the team working on ShibaNova?
Well do I really need any introduction at all, I'm 'Queen of Degens' don't you know laughing seriously though you can call me Jess. I'm relatively new to crypto having bought my first BTC and ETH a little more than a year ago. That said I've been interested in crypto since the beginning of bitcoin, and still kicking myself I didn't buy that $100 worth in the early days! Moreover I really love the work of the cypherpunks, their original vision of creating a system of trade and verifiable cryptographic communication that is completely decentralised thus taking the power away from the elite and bringing it back to the people. True democracy rather than rule by privilege and plutocracy which is in truth the system we are governed by currently, a grim charade of democracy at best, now truly, a system which I believe is completely broken!
I have been 'full time' investing in crypto and defi in particular since the beginning of this year, I literally spend all of my time, investing, researching, and learning about defi - and when I'm not going that I love to hang out with my degen family in TG and especially in my @jessiedefi community group which is really what brought us all together as a team initially. I have a shall we say 'colorful' background. I lived my early adulthood on the road as a traveler and was quite involved with the early rave scene (yes I'm that old - dinosaur lol) I then settled down for about a decade, went back to school, got a degree in youth work and worked for children services progressing in my career to management and project development positions. I then realised a few years ago that I hated my employer, although I loved my work with young people. So one thing led to another and I moved back on the road and built my own free party sound system, I've been organising free raves for these past few years which for me is as much a political statement and mission to wake up the new generations to the lies and deceit of the establishment. Just like the cypherpunks I am a true anarchist! flag_blackblack_heart BTW I was invested in uranium and really loved their concept, personally I ended up losing over $300k ouch!
Hi everyone, thank you again for having us! My name is Miss - my background has been in organizational leadership and performance management, working with Fortune 1000 as well as Cyber-Security and Fintech start ups on the corporate side for over 15 years. My expertise is in building high-level and top-performing teams and organizations. My involvement with crypto started in 2017-2018 as an investor and I quickly fell in love with the space. I've been investing and studying it since then. In researching projects, I've been a huge supporter of DeFi and wanted to find ways to get involved in projects as I believe I can bring my expertise into the crypto world. I was fortunate enough to meet Jessie through the Jessie DeFi Telegram channel and we immediately clicked. With the unfortunate turn of events with Uranium, our community at first was devastated but ultimately, we decided the proactive thing to do was to try to put together a project of our own based on Uranium. And thus, ShibaNova was born.
Hey everyone! A brief introduction to my background: I've worked as a Software Engineer for a bunch of the world's largest companies and a couple of smaller startups working on everything from country-wide telecommunications networks to worldwide cloud infrastructure. Have been a traditional finance investor and swing trader for a number of years; moving into Cryptocurrency trading when it started to take off. Have done some work on trading algorithms in the past with mixed success before landing in the DeFi space. Like many on our team I lost a substantial sum of money to the Uranium exploit and when I heard about this project was determined to lend my experience to help make sure the platform would be as safe as it could possibly be.
Our team is amazing - we are a team of 14 individuals, who have all come together to bring our expertise into the project. We have our talented devs, we have our marketing gurus, we have expert community managers, we have top-level designers and content creators - all of which has really lent itself to putting together an amazing project! It's great to see that our team really does put the project first - we all collaborate well together, everyone is always ready to lend a hand. When you have a good team, even the hard things = like launching a DeFi project - it becomes pretty darn easy.
Our team is built from the community, we are 14 people, ShibaNova started as an idea in Jessiedefi channel, I asked @Miss_Anneli and @N8UrM8 to join me and we became the founders. We then choose @NeuralPaint who is our legal beagal and @kevin.o.r to join us to form what we call our 'bored of Degens' or BOD for short. We have one face to face meeting on zoom every week and all decisions are made by us through consensus. We are truly a community team and we realised when trying to work out compensation rates for the team that every member from community manager to devs, and Queens for that matter lol, were equally important for our project to be successful, and thus we are all taking equal compensation with checks and balances, so everyone is equally motivated to make this project a success.
Okay there's quite a lot there to read so maybe we give you guys a couple of mins to read but that's our introductions🤗
Q2: While the community read through, can you tell us about BOD?
ANS: Yeah sure - we have five members on our bod - we all lead in different areas of the project as our skill sets dictate, there is no CEO or more rightly 'chief of Degens' haha - we are all equally in charge, decisions for our project are agreed through discussion and vote, we like to be all agreed and if anyone isn't happy we try to find the most suitable middle way. Tbf we all have similar vision so it's pretty easy for us and our system works really well. It saves responsibility landing on any one person's shoulders and ensures accountability and good reasoning all around 🥰🥰
And 'board of directors' just felt to stuffy and boring so 'bored of Degens'was a nice play on words.
Q3: Can you introduce ShibaNova, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: We consider ShibaNova as the next evolution of DeFi DEX, AMM, and Yield Farming protocols - we are DeFi 2.0 Most new projects tend to have a huge buzz around it in the beginning - and during launch, the price of their token (expectedly) goes way up only to come crashing down because the sell pressure from early investors pushes the price down until it's close to zero. All projects have gone through this boom and bust cycle - DeFi investors very rarely stay in projects long-term. ShibaNova solves this problem by creating shareholders instead of just liquidity providers. When you provide liquidity for our project through our NOVA/BNB and NOVA/BUSD pairs, you are rewarded with our dividend token, sNOVA. Holding sNOVAs entitles our shareholders to receive daily dividends paid out in BNB and BUSD, in proportion to the number of sNOVAs they hold. The dividends are paid out through our Money Pot, which holds and distributes 75% of all swap fees in our dApp. Our shareholders are literally getting paid out in every block! At the end of the day, DeFI investors don't want to constantly be moving their money around - it's too much work! We want to reward our shareholders for staying in our project by literally giving them the lion's share of the profits. Additionally, we want to drive adoption through our shareholders because by using our DEX and AMM, they are literally increasing the funds collected in the Money pot that will be distributed back to their wallets. The more successful the DEX and AMM are, the bigger our Money Pots will be and the higher the dividends will be for our shareholders. We are creating a win-win situation for everyone - and ensuring that our project continues to grow long term, instead of becoming just another flash-in-the-pan farm.
Q4: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: Really putting together our team has been it's own achievement! The beauty of having a bigger team is that we are able to tackle big parts of the project simultaneously. For our Dev Team: Along with securing our smart contracts and code, our Dev and Design teams are building an entirely new UI from scratch. We are very excited to unveil that design when we launch. For our Marketing Team: We have put together our Social Media and Marketing campaigns in full force, starting with our engaged Telegram community. We are currently running a Social Media campaign via SweepWidget. You'll be seeing a lot more marketing in the next coming weeks before we launch. For our BOD: We have negotiated partnerships with our auditors - we would have 2 audits completed in the coming week. We are also negotiating partnerships with aggregators and other DeFi projects. Additionally, we are exploring ways for us to incorporate, which provides an added layer of security for our investors - the process of incorporating is a long-term process and that's something that we have already begun. As for our Roadmap, we are conducting our private presale that was open to our first 60 Telegram members in the coming week. We will do this once our audits have come back. Then it's gearing up for our launch and opening up our farms soon thereafter. Long term, we are exploring incorporating NFT's and potentially a novel lottery as well as expanding outside of BSC - and truly becoming a multi-chain DeFi project. These are all in our mid-to-long term plans, by Q3 and Q4 in 2021.
Oh yeah, there is one pretty big achievement that we have been waiting for this ama to announce
That is that we have passed out first full audit with CTDSEC with flying colours (no extra zeros discovered in sure everyone will be happy to hear!)
Yeah we were really happy, the auditors only had 1 recommendation for us which was minor and that was 2 lines of obsolete code which has no effect on the smart contacts 🤗
Which is reassuring too because they spotted it!
We are still waiting for our second audit from EtherAuthority to come back
And then we have some really big news coming but I'm not aloud to tell that yet 😆
Spoiler alert - it's a big name auditor!!
Q5: Can you briefly describe your PARTNERSHIPS so far?
ANS: Our partnerships have been primarily working with our auditors. Since security is one of our top priorities, a lot of the conversations that we've had outside of our project is exploring how we can provide long-term, on-going security for our project. This includes conversations with our auditors now, EtherAuthority and CTDSEC. We have also engaged the top level auditors in DeFi - including Certik, Haechi, and PeckShield. Again, their expertise is in advising us on further securing our ecosystem. We have also explored partnerships with new crypto cyber-security technologies/projects like LossLess, for example. As you can see, security is something we are thinking about constantly!
A little bit more about our long term vision that I forgot to mention
Our long term vision for ShibaNova is multi cross chain deployment and - our ultimate goal is to build a DAO and transfer decision making process from our BOD over to our loyal ShibNova sNOVA holders - this is ofc a much longer timeline, we are talking years not months.
Q6: Can you give an overview of your Tokenomics, and the UTILITY of the $NOVA and $sNOVA Token?
ANS: Absolutely, We have a 2-token ecosystem and this is the strength of our project. Our native token NOVA is at the core of ShibaNova. Our dividend token, sNOVA, cannot be bought in the market - you can only farm sNOVAs by providing liquidity for our NOVA/BUSD and NOVA/BNB LPs. By holding sNOVAs, you receive a share of our daily dividends from our Money Pot. Seventy-five percent of all the swap fees generated in our dApp is put into the daily Money Pot and paid back to our investors in proportion to the number of sNOVAs they are holding.
In the future, once we are a full-pledged DAO, we will have the added utility to give our shareholders voting rights to determine how to grow our project moving forward.
So just to expand on that a little bit, sNOVA is our true governance token, it is special and rare like a supernova which is partly where we took our name from - this will also be the token that will be used for voting on project matters to give our stakeholders proportional voting rights according to the weight of their sNOVA - eventually it will be this token that will be used to govern our DAO
Ha! See we finish each other’s sentences! 😝😉
We are a true yeah tag team for sure 🤗
Q7: So sNOVA can't be purchased from the market, can it be sold?
ANS: Nope - it can be swapped for NOVA at a 1:1 ratio though but within the first 3 days there is a 30% burn fee for selling early - after that it's straight 1:1 and the sNOVA that is swapped is burnt. It is worth noting that as people swap their sNOVA this has a positive effect on the people left in the dividends pool by increasing their percentage share of the BUSD and BNB fees collected.
2nd Segment: LIVE Questions
Q1: I was also a victim of the sad Uranium Finance incidence and lost my entire savings. But how can we be so sure that you are really committed to resurrecting the original idea of Uranium in a dynamic way and that you are not just another set of owners trying to cart away with users funds? And what challenges have you faced so far in this quest?
Of all crypto marketing groups available, why did you choose our dear AMA LOVERS CLUB to host your first ever AMA?
ANS: I’m sorry for your loss in Uranium - our team members have all suffered through loss in the project as well. We have gone through every layer to ensure the security of our project.
We have a multi-pronged approach to our audits to ensure that our funds are SAFU:
1. Peer-reviewed by the lead dev of a trusted BSC project.
2. Community-reviewed by BSC Checkers
3. Full audits by 2 respected DeFi auditors, EtherAuthority & CTDSEC
4. Comprehensive audit by 1 of the leaders in DeFi auditing (will be revealing our partnership soon)
5. On-going audit/security measures post-launch: measures like Certik Shield and Skynet - we are already in deep talks with the likes of Certik to provide this.
We do not take security lightly - we will put a great deal of our resources into it - and our project will go above and beyond to inspire confidence from our community!
There's no CEO but Jess (@QueenOfDegens) was the one who brought us all together so she's the closest we have to that kind of role.
Our Board of Degens has five members and we use majority or unanimous voting to make bigger decisions on the direction of the project etc.
And in general we try to reach agreement by consensus and also like to include the wider team of 14: we don't want a single person controlling the direction of a community project.
Q2: What minimum amount of $sNOVA tokens must users hold to receive part of the percentage of the exchange fees charged on the dApp, what mechanism do you use to distribute these dividends, and how often do you do this?
ANS: To receive our dividends, you just need to hold any portion of sNOVA - you are literally eligible to get dividends every day, actually from every block!! Receiving dividends is automatically built into our platform. The more sNOVAs you have, the bigger the share from the Money Pot!
Sorry to answer out of turn - that was just a really good question! 😎
Haha my anarchistic ideals been rubbing off on you haven't they
My goodness, these are amazing questions! Please feel free to post these in our TG channel after the AMA - we’d love to answer every one. Transparency in our project is paramount to our success!
Q3: It seems to be a difficult journey being a brand new project in the cryptocurrency space, what is your plan to provide optimal security and transparency of the project to users and how are you going to fund the costs involved in doing all this?
ANS: The majority of the funds raised in our pre-sale will be going towards audits: and we plan to continue spending significantly on security post-launch. We don't really see it in terms of costs: if we have the money available we will use it to secure our platform, and if we don't have the money available we'll try to figure out a way to get it. We have already discussed ways we might invest more of our own money directly to try and make sure we're doing everything we can to provide a safe platform for people to invest in.
In terms of transparency we'll be covering a lot of extra detail in our documentation and in a series of Medium articles: but I think we've also been very open in our TG in terms of how the team has been operating, what our goals and ideals are etc. If you or anyone else has any questions about our project feel free to jump over there and ask and someone from the team (including the actual development team) will be roped in to try and help give you answers.
Q4: ✴️ The development and use of NFT technology continues to increase rapidly. Currently, NFT technology mainly serves entertainment, gaming and e-sports concepts.
As ShibaNova, do you plan to take NFT technology further? Will it be possible for NFT technology to go beyond the moon? https://twitter.com/biggdataa/status/1403434706121678848?s=20
ANS: We are trying to convince NASA to include some of our NFTs on their next Venus mission. So yes: it will be possible for NFTs to go beyond the moon.
In all seriousness though we are trying to figure out ways to make NFTs functional (beyond simply aesthetics or as collector's items) on our platform: but we don't have anything specific we can share just yet.
Q5: I'm pretty impressed to see that 75% of all swap fees collected on ShibaNova dApp will go back as dividends to all holders sNOVA tokens. This will go a long way in helping you attract more investors, however, do you think the remaining 25% will be sufficient enough to run the project successfully? Is this actually sustainable in the long-term or its subject to review later as time goes by?
ANS: Our team has a very talented Head of Legal and Finance - trust me, he has crunched these numbers back and forth 👌🏽 Everyone can do well investing in DeFi - and ShibaNova’s success depends on just how successful our investors are. We all share in the profits from our project. We’ll all go beyond the moon together!
Follow Us On Our Various Social Media Communities For More Update;
🚀CONTEST LIVE NOW!! 🚀
RUN WITH SHIBANOVA
📢 LISTEN UP, SQUAD! 📢
We are counting on YOU to spread the good word about SHIBANOVA! We want an engaged and active community, excited for our launch!
To rev up our pre-launch party, we are kicking off our 1st Contest! Follow us on social media, tell your friends to join the fun, and increase your chances to win the grand prize of $1000 BUSD‼️
Click the link and check-off all the tasks!
Contest dates: Tuesday, June 8 to Sunday, June 27
The winner will only be announced in our Telegram Official Group.
Once the winner is chosen, s/he has 24 hours to claim it. If unclaimed after 24 hours we will randomly select a new winner 🤗💛✨
REMINDER: Share your referral link to your friends (which is generated through the sweepwidget giveaway website) for more chances of winning 🤗✨
🔥🔥🔥🔥READY, SET, GO!🔥🔥🔥🔥
FOLLOW AMA LOVERS CLUB ON:
Telegram Group: https://t.me/amaloversclub
Telegram Channel: https://t.me/amaloversclub_channel