Recapitulation of TakoSwap AMA event held at AMA LOVERS CLUB
Date: Tuesday, 29th September, 2020
Time: 04:00 UTC
Venue: https://t.me/amaloversclub
The TakoSwap team was represented by Mr. Dudley, Marketing Director of Multiplier Finance. He judiciously shared with us detailed knowledge and information about the project.
Before we start our AMA, here’s our freshly baked audit report from Bramah Systems! (https://www.bramah.systems). Their past audit projects include DyDx and mStable. You can find the audit report here:
https://bramah.systems/audits/Multiplier_Finance_Audit_Bramah.pdf
1st Segment: INTRODUCTION
Q1 : Could you please introduce yourself and your product?
Ans : Hi, my name is Dudley and I’m the Marketing Director of Multiplier Finance. Thank you AMA Lovers Club for having me.
Multiplier was established in early 2019 as a licensed crypto lender, we transitioned into DeFi and officially launched our first DeFi MainNet protocol on 9th September 2020.
We will be launching our next DeFi product on 30th September 2020, TakoSwap.
Q2 : What is TakoSwap?
Ans : TakoSwap is an Automated Market Maker Decentralised Exchange (AMM DEX) that is built on the ethereum blockchain. It is part of the Multiplier Ecosystem and is designed to function as a platform for anyone to swap tokens and supply liquidity.
Liquidity providers on TakoSwap will earn 0.3% of the swap fees and staking of TAKO LP tokens “TLP tokens” will farm Tako rewards.
Q3 : Is TakoSwap audited?
Ans : TakoSwap is audited by Bramah Systems (https://www.bramah.systems). Their past projects include dYdX and mStable.
https://bramah.systems/audits/Multiplier_Finance_Audit_Bramah.pdf
Q4 : What is the difference between TakoSwap and other swaps?
Ans : TakoSwap is a fork of Sushiswap and Uniswap.
Multiplier Finance made modifications which decreased the overall complexity by removing non-core elements of the protocol and thereby reducing the overall attack surface. To ensure fairness, TakoSwap has also removed the ‘reward multiplier’ and the ‘10% developer incentive feature’ seen on SushiSwap.
Q5 : What are the Tako Token Economics like?
Ans : TAKO’s total supply is limited to 80 million. TAKO tokens are 100% distributed to the community, with no team allocation and no initial public sale.
20,000 TAKO tokens will be used to supply initial liquidity. TakoSwap will eventually be 100% governed by the community.
2nd Segment: TWITTER QUESTIONS
Q1 : Why have you chosen to do a Decentralized Finance for your project rather than an hybrid approach that seeks to combine the best part of Defi and Cefi?
Ans : At Multiplier Finance, we began as a CeFi lender, with licensing with Coinbase Custody and JUMIO, and we are currently DeFi.
We believe traditional finance will rapidly move towards decentralisation, and that centralised finance is a sunset industry. It’s the same reasons why people move from fiat currency to cryptocurrency.
Q2 : I love the idea of moving from cefi to defi. What is the motive behind it? What happens to users funds who fail to migrate their assets to the defi platform?
Ans : Our CeFi platform is still open, however we have only ceased the rewards. Our users may still log in and withdraw their funds at anytime.
At Multiplier we believe in safety and security of users’ funds. And that’s why all our DeFi products are audited by leading cybersecurity experts. Our DeFi SSB Contracts (1000% High Stable Yield) that we just launched on the 9th of September, is audited by CertiK.
And our upcoming TakoSwap that launches tomorrow (up to 100,000% APY Yield), is audited by Bramah Systems.
3rd Segment: LIVE QUESTIONS
Q1 : What your long-term vision of the industry TakoSwap works in? Are you afraid that someday another project with better and more innovative technology will replace TakoSwap?
Ans : DEFI is about bringing traditional financial products in a decentralised fashion to the masses. An emerging trend we foresee is the integration of different blockchains to create a “Universal Tokenomic”; to be able to use an ERC20 token to mint bags of coins from other blockchains.
The up-coming Multi-Chain Mining product is the first protocol which we will design, that allows our community to govern and earn rewards from our POS staking pool operation. Our pool will cover promising and prominent projects such as Cardano, Polkadot, Cosmos, Kava, Kusama, Tezos and many others.
Q2 : What did you prioritized when designing the MXX protocol? And what is the minimum and maximum SSB contracts that a user can create?
Ans : We have prioritized low gas fees, high stable yield and no liquidity risk.
There is no minimum and maximum value. Do take a look and try now!
Q3 : How do your marketing promotion techniques expand the Multiplier community? is it just by holding an AMA event? Is your target only the ASIA community or the whole world?
Ans : We target the whole world, but Asia is close to our heart.
We have many different marketing tools, and AMAs are one of them. If you join our discord and telegram, you will see that we’ve advertised with youtubers such as CryptoCrow, and we have articles on Cointelegraph.
Here is our discord: https://discord.gg/cA3bsPX
Q4 : Can you tell us the motivation and benefits for investors to hold $MXX long term? What plans do you have to help drive demand and scarcity for the token?
Ans : For MXX holders, they can pledge their MXX into the governance system. The benfits are:
- Create proposal and vote
- Share the revenue generated by all our products such as Multi-Chain Mining, and more to come.
Q5 : What is the team’s orientation and development plan for 2020 in the Defi region, why do you think Defi, this immature term, has a future? What results do you expect to achieve?
Ans : We believe DeFi is the future. One example is the crypto exchanges: The CEX, centralised exchanges seem to be prone to hacks and dubious central entities running them. With DEX, there is no worry of funds going missing or having issues. We do not need to trust companies or central entities, we only need to trust the technology.
Q6 : Security, Liquidation and Withholding Risks are associated with the Defi protocol. What are the countermeasures for #TACOSWAP to address these risks? What is the Risk to Reward ratio of #TACOSWAP, compared to other DeFi protocol platforms?
Ans : Our solidity smart contract codes are fully audited by leading industry security expert such as Certik, Bramah System. All our curretn DEFI system are carefully design to avoid manipulation (eg Price manipulation) and Liquidation risk. We make sure we take care of all potential risk/security for our users.
Q7 : How often is TakoSwap audited by Bramah Systems and what technical studies are covered by these audits?
Ans : Protocols really only need to be audited once if they remain unchanged. Here’s the full audit report: https://bramah.systems/audits/Multiplier_Finance_Audit_Bramah.pdf
Q8 : Token burn” is beneficial for any project, in being able to control the number of token circulation and to provide greater incentives to investors. Does your great project have a plan about token burn?
Ans : We have token burn in our SSB contracts. A quantity of MXX tokens will have to be burned to create SSB contracts.
Q9 : Takoswap is a fork of SUSHISWAP and UNISWAP with “ley improvements” so can you tell me Which are these improvements? And what make you unique againts shushiswap and uniswap?
Ans : Multiplier Finance made modifications which decreased the overall complexity by removing non-core elements of the protocol and thereby reducing the overall attack surface. To ensure fairness, TakoSwap has also removed the ‘reward multiplier’ and the ‘10% developer incentive feature’ seen on SushiSwap. TakoSwap is meant to complement the Multiplier Ecosystem’s suite of products and not built to rival Sushi, Uniswap or any other swap directly.
Q10 : What is the main goal you want to accomplish with TakoSwap? What do you want to offer to users that others decentralized exchanges are not offering currently?
Ans : We have a higher emission rate. Yield farmers would want to get a head start and join early because the emission rate drops gradually.
Q11 : Can you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team?
Ans : TAKO’s total supply is limited to 80 Million. TAKO tokens are 100% distributed to the community, with no team allocation and no initial public sale. 20,000 TAKO tokens will be used to supply initial liquidity. TakoSwap will eventually be 100% governed by the community.
Q12 : TakoSwap is audited by Bramah System, why did you choose this company to perform your audit? How did it stand out from other companies that offer this type of service?
Ans : Bramah Systems have audited leading DeFi companies such as dYdX and mStable.
Q13 : How do your marketing promotion techniques expand the Multiplier community? is it just by holding an AMA event? Is your target only the ASIA community or the whole world?
Ans : Is by delivering what we promised to our community. AMA is to reach out as many audience to understand our product before participate to ensure proper communication. Targeting Globally, however Asia is one of the emerging markets!
Q14 : How can you spread awareness of your project in different countries where English is not good? There are a lot of exchanges that are hacked leading to the loss of users’ assets, so how secure is your platform?
Ans : We are working on providing localization of different languages in our platform.
Q15 : What details about TakoSwap ‘s technology and strategy make you believe it will succeed and what does TakoSwap plan to do in the coming period to attract more users?
Ans : TakoSwap is part of the bigger Multiplier Ecoysystem.
DEFI is about bringing traditional financial products in a decentralised fashion to the masses. An emerging trend we foresee is the integration of different blockchains to create a “Universal Tokenomic”; to be able to use an ERC20 token to mint bags of coins from other blockchains.
The up-coming Multi-Chain Mining product is the first protocol which we will design, that allows our community to govern and earn rewards from our POS staking pool operation. Our pool will cover promising and prominent projects such as Cardano, Polkadot, Cosmos, Kava, Kusama, Tezos and many others.
Q16 : Currently, nearly 90% of investors just focuses on short-term token price instead of understanding the real value of the project. Can you tell us why we need MXX in the whole platform ecosystem?
Ans : Multi-Chain Mining will create increased utility and reward MXX holders. Stay tuned for announcements on that.
Q17 : Does Multiplier have mechanisms such as buyback and burning to regulate the demand and supply of $MXX so as to increase its intrinsic monetary value?
Ans : Yes we have a burn mechanisms. Please see how our SSB works in the link below.
Q18 : How often is TakoSwap audited by Bramah Systems and what technical studies are covered by these audits?
Ans : For all our live delpoyment, the smart contract codes are fully audited before the launch. These code are tested for vulnerabilities, security, optmization, coding convention/best practices, and other scopes.
Q19: What features your competitors fear the most in your project? And What make you believe that your project is not easily beaten by competitors?
Ans : One thing that we feel we are good at is rewarding our community.
That is why we have a 10,000 USDT prize giveaway happening today and tomorrow in our telegram channel https://t.me/themultiplierio.
Check out our channel for more details on this. I believe Malachi was one of the winners for yesterday. :)
CONCLUSION
Q1 : Before leaving, do you have any Final Words?
Ans : Thank you all for your time, and please take note of tomorrow’s TakoSwap launch! Be early to get the best rewards!
And please try TakoSwap that launches tomorrow: https://takoswap.org
Here are our pools:
· MultiTako: TAKO — MXX TLP (Up to 30,000% APY)
· MakiRoll: MXX — ETH TLP (Up to 30,000% APY)
· Takoball: TAKO — ETH TLP (Up to 30,000% APY)
· UniSushi: SUSHI — UNI TLP (Up to 15,000% APY)
· Sushi: SUSHI — ETH TLP (Up to 12,000% APY)
· Uni: UNI — ETH TLP (Up to 12,000% APY)
· Sochu: USDC — ETH UNI-V2 LP (Up to 8,000% APY)
· Udon: USDT — ETH UNI-V2 LP (Up to 8,000% APY)
We are very helpful in our channel, so if you have any questions about our TakoSwap or SSB Contracts, feel free to ask.
And also, if you have time, take part in our 10,000 USDT Prizegiveaway AMA happening in my channel https://t.me/themultiplierio.
TakoSwap $10,000 USDT Giveaway
Participate in TakoSwap AMA Sessions on our Telegram channel https://t.me/themultiplierio. and stand a chance to win! Over $10,000 USDT in prizes!
Website: https://takoswap.org
2nd Takoswap AMA: 29th September 2020, 9pm UTC+8
18 lucky winners shall win $88 USDT each!
Instructions:
1. Follow https://twitter.com/multipliermxx2. Tweet in the following format:
“I love TakoSwap @MultiplierMXX and https://t.me/themultiplierio”3. Post the link of your tweet in the telegram group https://t.me/themultiplierio. Please note you can only post once, and you may only post within 60 minutes after the AMA ends.
4. Winners are picked randomly and will be contacted via their twitter accounts. All winners shall be publicly announced on our community platforms.
Format of our AMA
1. Introductions
2. Basic and Obvious questions by Admin
3. Open up to the floor for questions (5 Minutes)
4. Commencement of TakoSwap $10,000 USDT Giveaway — Posting of tweets Link (60 Minutes)
5. Back to regular Programming.Thanks and I hope you all support the spirit of the AMA — to really get to know the projects we highlight and curate for you.
(We reserve the right to change these terms without prior notice at any time.)
Follow TakoSwap on the following platforms:
… Website: https://multiplier.finance/
… Twitter: https://twitter.com/MultiplierMXX
… Telegram: https://t.me/themultiplierio
… Discord: https://discord.com/invite/2fatBM7
FOLLOW AMA LOVERS CLUB ON:
TWITTER: https://twitter.com/amaloversclub
TELEGRAM GROUP: https://t.me/amaloversclub
TELEGRAM CHANNEL: https://t.me/amaloversclub_channel
