Recapitulation of TED Finance AMA event held at AMA LOVERS CLUB
Date: Saturday, 7th November, 2020
Time: 14:00 UTC
The TED Finance team was represented by @TED_roxpin, @TED_Andy, and @TEDadministrator. They judiciously shared with us detailed knowledge and information about the project.
1st Segment: INTRODUCTION
Q1 : Can you please introduce yourself and your background, also if you have a team, you can introduce them
Ans : Of course we have a team. There's four of us.
I'm a manager, @TED_roxpin and @TED_Andy are the brainpower behind our extensive contract development and @TED_Hughes is a sales/graphic employee.
I avoid using official corporate positions for the sake of being a DEFI, a decentralized ecosystem where governance makes decisions. THE people.
We've been working on this project for almost two months and a week ago we deployed fully working, thoroughly tested and live Farming with three pools (UNI/HEX/USDT) and Staking contracts.
Our users have been earning TED before presale and I suggest anyone do the same!
Q2 : Can you introduce the TED Finance project, what exactly does it solve and what’s the use case
Ans : The vision behind TED Finance ( https://ted.finance/ ) was multichain compability.
We decided to come up with something new, an innovative idea of interlinking ETH and BSC Blockchains into a single, decentralized platform where users would interact with each Blockchain seamlessly, benefitting from both in the process.
Immediately after presale our priority will be to deploy products on BSC so people that received BEP20 standards of our token (TED) will start using it.
BSC offers a huge room for expansion and extensive R&D, almost-zero fees and fast transactions, it’s a great blockchain and very competitive to ETH.
Q3 : Can you briefly describe the Top milestones you have achieved and your target milestones with timelines, also share your roadmap
Ans : Our biggest milestones were delpoying working products live after thorough testing period. That is, unlike many DEFIs out there that launch with nothing at their disposal.
We have people using our products before Presale and we consider that a milestone.
Our next milestone shall be the creation of our own Swap. Yes, that's on our list as the most important product. Lending and Vaults will be followed shortly, but Swap is of utmost importance to the ecosystem.
I would like to add that as @TEDadministrator mentioned earlier we will also be deploying BSC protocols asap after our presale. We also like to use the term Stepmap vs roadmap, roadmaps focus on dates to much and really it comes down to what steps we will take to complete our given tasks.
2nd Segment: TWITTER QUESTIONS
Q1 : You have mentioned that erc 20 token supply is 60 000 and BEP 20 token supply is 20 000 . Is there any specific reason to issue different supply amounts on these two bllockchain?
Ans : We decided to let the biggest and most widely used Blockchain take up majority of that portion to start. Also we did not code a mint feature on the ERC20 version of TED but the BEP20 version comes with one from BSC. We can always raise the supply if needed to match the ERC20 if the demand generates the need for it. Any BEP20 minting use would be only with approval from the community via governance voting.
Q2 : In Farming pool of Ted Finance ,you have USDT, Uni and Hex. Why did you choose these 3 tokens for farming TED? Do you have plan to add more farming pools in the future?
Ans : We choose these 3 tokens to begin with because they have great size userbase, we wanted to launch farming protocols that had the best chance of having users with that asset existing in their wallets already. We are planning to launch more pools in the future but we will not decide the asset. We will let our community members decide the asset type in the form of governance voting.
Q3 : Regarding the TED farming, is there a penalty if we want to withdraw our TED reward or end our farming participation at any time we want?
Ans : There is absolutely no fee or penalty to withdraw your TED rewards from the farming or staking pools. We build zero locking protocols so you have complete freedom to enter and exit as you wish without incurring losses when utilizing the protocols. Feel free to try for yourself, the only fee you will pay is on the transaction that ethereum blockchain charges.
Q4 : #Ted_finance is a very new project and Ted farming and also Staking @ 208 % APR have been already launched.This is a great early success.For instance,after listing, if TED price doesn’t meet expectations of investors,What are your backup plans in order to maintain its price value
Ans : First and foremost we plan to build the TED use case as much as possible and launch multiple defi protocols to enhance demand. We also plan to do buyback and burns of our token supply with a set percentage of fees collected from our swap , lending and vault protocols. This fee percentage will be set by the community in the form of governance voting. This will help the market cap of our token by deflating the supply as our use case grows.
Q5 : How does yearn works in TED.Finance? What extra benefits will the implementing of YIP8 into your yield farming pools bring? What are your plans on TED tokens minting in the future if demands gets higher than supply?
Ans : You may be familiar with yearn finance when they launched their first farming pools it was subject to whale manipulation. The community voted to implement a protocol to introduce halving of rewards over time so that regular people could also benefit from the farming rewards as well. YIP8 is the name of the protocol that introduced pools to extend over a longer period of time and have rewards go lower as the pool numbers grew over time. It made it best for everyone and not just whales this is why we wanted to introduce "FAIR" farming via YIP8 on TED.finance. As far as minting goes, we do not have a mint function on our ERC20 token’s smart contract so we would never be able to mint tokens. I covered the minting protocol we would use for BEP20 as BSC has minting in their suggested token code format. All of the above will make it so as demand grows the value grows and not the supply.
3rd Segment: LIVE QUESTIONS
Q1 : How much of liquidity are you going to provide? Because the maximum token supply is also not a very higher value, therefore I am happy to know about the liquidity amount?
Ans : That is an excellent question coming from someone who looks forward to be part of a stable ecosystem.
100% of all raised BNB from BEP20 Token sale will be provided to BEP20 compatible swaps.
60% of all raised ETH below 1000 ETH mark will be locked into liquidity at Uniswap.
40% of all raised ETH above 1000 ETH mark will be locked into liquidity at Uniswap.
Stake, Farm, and Swap. Which product are TED Finance most focused to develop and what are the reason? Also, can you tell us the advantages of these TED Finance product compared to the other project have?
Ans : Staking and farming are already live right now. The other protocols we are most focused on bring forward are TED Swap and TED Lending. The best thing I could say about what advantages we have vs others before us is #1 we write all of our own code and never outsource development so we can ensure that no malicious code is ever launched which will potentially hurt users funds. #2 we got to see where all other defi projects before us had trouble or failed and we can focus on making sure we will not make the same mistakes, infact we will be better then them because we correctly know what to do now. #3 our swap protocol will introduce locked liquidity for all token pools and help with anyone using the swap to do rug pulls. Our lending protocol will have the best possible defense against flash loan exploits that potentially hurt the entire ecosystem.
Q3 : After the completation of the Pre-Sale TED Finance will start to add the services like Staking pools and Swap system, Lending and more. But these products has been tested? Or everything is under developement yet?
Ans : Perhaps you missed the first two segments of this AMA and didn't even check our website, but I'll answer regardless because it may be of interest to many.
We ALREADY have a live, working Staking smart contract alongside Farming with three (3) pools that you can use right now. We are not waiting for presale to deploy them.
However, we will be waiting for presale to deploy our own Swap product along with Vaults and Lending.
I would also like to repeat that every feature was thoroughly tested before deployment and in future, we will have users doing beta testing before any deployment.
Q4 : Unlike most DeFi projects, TED Finance will allocating a part of the total supply to Binance Smart Chain ( Bep20), but apart of this network, Which others networks TED Finance is aiming to support?
Ans : We are really looking into TRC (Tron Blockchain) as well, we wanted to see their chain get a bit more secure beforehand. They recently had to shut down their blockchain for a few hours because a developer introduced a malicious smart contract on their blockchain. Tron blockchain is interesting to me and its one we may for sure want to add in the future, our goal is to have TED running on many blockchains in the future and have them all be able to be used from 1 interface directly on our website.
Q5 : Where did you get the inspiration for this unique project idea? And what influence will we have on the crypto industry due to the project?Q1. What is the most ambitious goal of the project? I would appreciate it if you could share with us any upcoming updates? What should the community look for?
Ans : Multichain compability and interoperability inspired us to come up with TED.Finance and we believe it doesn't only benefit the overall developer base that wants to expand on BSC, but it also benefits users and the overall market due to extremally low fees and almost instant transactions.
We believe, that we also have a higher chance of partnership with Binance exchange due to being deployed on their own Blockchain.
Please before leaving, do you have any Final Words for community and also how can we participate in the Token Sale
Ans : We have a very extensive and information-rich INFO page https://ted.finance/info mi
where everyone can find an answer to many of their questions :) Participation in presale will be traditional, nothing different, so everyone gets it.
I will now paste the tokenomics below:
Round 1 Tokenomics:
1 ETH = 12 TED (ERC20 Token)
1 BNB = 1 TED (BEP20 Token)
Volume: 15,000 TED Allocated for Presale (ERC20 Token)
Volume: 10,000 TED Allocated for Presale (BEP20 Token)
Round 1 start time: Nov 10, 2020 12:00:00 UTC
Round 2 Tokenomics:
1 ETH = 9 TED (ERC20 Token)
Volume: 10,000 Allocated for Presale (ERC20 Token)
● Uniswap Listing (Opening) Price: 1 ETH = 6 TED
ERC20 Supply - 60,000 Total
Presale Allocation: 35,000
Marketing and Development: 7,500
BEP20 Supply - 20,000 Total
Presale Allocation: 10,000
Ecosystem Allocation: 10,000
Anyone can always feel free to participate in our discussion group if you would like to gain more information or have any questions on how to use our defi protocols.
Check out our social channels too :) And we would be glad if you started farming our token right now at https://ted.finance/farming
Once our presale is live you can enter it with ease right from the presale tab, just enter in the amount you would like to spend and click buy now. Your metamask will communicate directly with our crowdsale contract and deliver tokens back instantly.
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