Hosted by — Cryptoscape
🏠Venue : @CRYPT0SCAPE
📢 GUEST: Team Moonfarm Finance
We recently hosted an AMA with MOONFARM, on 26 May at 10AM UTC. So here we are up with the AMA transcript, for those who missed the live session, this post will be a time saver & a feeder of knowledge for them.
1) Could you please introduce yourself guys.And tell us how did you get involved in crypto
Hello guys, nice too meet you all, I’m Son Dinh, CEO of MoonFarm Finance and my CTO- Henry.
We are a crypto veterans since 2016 who have credible backgrounds from Digital Exchanges and familiar with handling multiple currencies and chains, building top-notch security and fiat on/off ramps. One of our project in the past is FinanceX — a cryptocurrency exchange in SEA. MoonFarm Finance is our new project since we want to solve DEFI key problems and bring mass crypto adoption to the traditional finance
2) What is moonfarm finance project and what does it have offer to the cryptospace? Could you share moonfarm vision?
MoonFarm is a DeFi and Centralized Finance (CeFi) hybrid yield farming aggregator. It provides the best of both worlds, offering all the cost-effectiveness, easy access, transparency and rapidity of DeFi yield farming, in addition to offering the security associated with a centralized financial ecosystem
Moon Farm optimises Yield Farming interest (APY/ APR) and provides users with the abilities to choose what farms they want to use or the system will automatically determine the best farming strategies using the yield optimization engine.
Our vision is to become the leading CeDeFi yield farming optimization platform. By doing so, we will contribute to:
Bridge the gap between CeFi and DeFi;
Remove entry barriers to yield farming and enhance users’ experience;
Provide better capital utilization;
Create strong optimization that provides the best benefits to DeFi users;
Boost crypto adoption;
3) what is your progressive plan to ensure that moonfarm platform remains relevant and valuable in the next 3–5 years; in termS of adoption and usecases
If you look at our roadmap you can see that we will keep integrating with multichain and bring the best Defi projects of each chains to our platform
With that development we can attract a lot of fund in thus generate constant money flow from our swap fee and harvesting fee. Therefore, we can build a stable business with steady income generating every month.
That’s great but how you aim to do so any thing you are comfortable mentioning like why would they partner with you?????
We also partner with other Centralized Exchange since our platform can use centralized exchange for the liquidity of our MoonSwap, unlike other Defi that can only partner with Dapps, we can even partner with both Cefi and Defi due to our way of development as a bridge between Cefi and Defi
Centralized Exchange can partner with us since we can use their liquidity for our MoonSwap
Defi projects can ultilize our platform to help users farm their token in our MoonFarm Finance without the Impermanent Loss
4) Generally cross chain transaction are costly so how you plan to minimize the fees on the same or will stay as usual ?
great one, here is one of MoonFarm strength
We collect the funds staked from all users in order to do the least farming transactions to reduce the transaction fees. The cross-chain swap leverages 1 INCH exchange as well as centralized exchange liquidity such as Binance to miminize the transaction fees
Therefore, users will bear a much lower gas fee and transaction fee cost compare to other Defi projects
5) Can you tell exactly what is the role needed to be done by consumer in vault all he has to do is provide a single asset and your software would do rest of the work or something else ??
yes I can
Users just need to deposit funds to Moonfarm and choose the single asset vault to farm
The rest of the farming work will be done automatically by the system
The system will run the best strategy to find the highest APY farm which support the token in the vault and unstake and restake to a new farm if any comes up with higher APY
Thus, the APY of Moonfarm vault will be the highest over the time. In addition, the system will auto-compound the rewards returned from the farming in order to get higher yield
6) Could you share some recent product development in terms of roadmap or milestones achieved?
Our product has nearly finished and is being audited by The Arcadia Group, in the next few days we release the product and you guys can join and farm
In the short future, we will integrate MoonFarm to Polygon and Solana so users can earn much higher APY from these chains
NFT market is also in our plan to release after, more information will be announced soon, for now we are running a beta testing for our NFT market
We also in the progress of partnering with a tradition bank in our country to support the Fiat on ramp and off ramp system.
1) Your app is not opening presently so could you tell when will your app be fully functional and with what all features are you are you initially planning to start your app? Additionally tell a bit about your IDO is still some IDO open for public to participate ?? @Abc97341745
Our app will be available for beta testing at the time of IDO
You can do yield farming on 8 vaults. We will continue to add more vaults soon. The first version will be BSC farms only. In the next 2 months, we will bring more farms from Ethereum, Solana and Polygon to Moonfarm
The IDO is on 1st June, Dual IDO on both Poolz and Yellow Road, we have strong support from both platforms
for more information you guys can follow Poolz , Yellow Road or our MoonFarm Finance channel to join the IDO, 350.000 $MFO token will be sold public at the price of $0.4
What about whitelist is it open for. Ido????
the Initial Market Cap at TGE will be around $700k
yes it is open
You guys can register here for IDO
https://bit.ly/3bQUlYH :- Poolz IDO
rb.gy/vmwwks :- Yellow road IDO
The form will be closed on 1st June and IDO will start
Thnkz for sharing it in here by the way just wanna ask how many people have subscribed as of now :)
roughly 21k users
2) Moonfarm finance is a CEDEFI that aims to bring the advantages of both cefi and defi but what are you mainly focusing on more is it on CEFI or DEFI according to you what should be people focusing on more to adopt and why @Jaikejoll447
What we mainly focus in are the security and easy process that Cefi normally offers. For Defi, we will integrate and partner with some of the most credible farming Defi on each chain such as Pancake and Bake on BSC, Ray on Solana, Quick and Dfyn on Polygon and thus bring the high APY yield farming to MoonFarm Finance users
for me and my team and my Vcs partner, we focus solely in bring a very smooth experience for users
when come to farming
with that easy process, security and high APY farm, I think people will be attracted a lot
3) Can you tell us about moonfarm finance current partners,plans for partnership and what everybody stands to gain from these partnerships @lalismanjar
We have full local support from Vietnam our country, our VCs are owners of top crypto community in Vietnam with around 40k members in each group
We also have Arcadia an audit company as long-term partner, with their help we will have a lot of new partners in the future
SMO Capital is a huge VC name, they invested in some of the top-notch project such as Casper Labs, Refinable, and here is what they say about MoonFarm Finance:
“What attracted us to Moonfarm is the vision to simplify and make yield farming safer across multiple chains. From one simple web or mobile app the user can deposit single-sided assets and leverage the power of auto-compounded yield farming across different chains like Binance Smart Chain, Ethereum, HECO, and others in future.” — Chris Croft, SMO Head of Research.
SMO Capital shares the same vision of the importance about a CeDeFi platform to speed up the crypto adoption and DEFI access, they promise to support MoonFarm Finance in term of new partnership as well as Marketing plan
4) How do you plan to to create MASS adoption of CEDEFI to wide range of users what are the features that moonfarm finance provide to bring mass adoption of CEDEFI ecosystem. How moonfarm manages to provide transparency to users to gain their trust @Gokulmg10
We will have several Marketing plans to increase our adoption, also we plan to move forward in develop the on-ramp and off-ramp fiat. Therefore, people can deposit fiat into our platform-> turn it into a single crypto asset-> stake in our Yield Farming Vault-> receive the reward daily-> swap them to USDT through our MoonSwap-> sell USDT back to their Fiat
You will see that we develope a end to end process for users unlike other Defi, users need to do a lot of work, thus we think that a Wide range of users can use our product, from young generation to even your grandparents can deposit money in and farm with MoonFarm
That’s crazy even your grandparents I appreciate the simplification you are eyeing to make :)
For the transparency
We provide the source code on public github and it is audited by Arcadia group to ensure the security and the transparency. The farming and harvesting processes are done on smart contracts which can be tracked using blockchain tools
We will also public our vaults and treasury addresses so that users can check all the transactions including distribution of rewards tokens
5) What are the chances of earning of $MFO in moonfarm ecosystem how can $MFO help the moonfarm ecosystem @imwiiw27
We have a referral system , it will be live once our product release, people can earn our token $MFO through that referral system
$MFO token will have use case so that it holds a lot of value utilities:
1.Discount on Vault Fee
A certain amount of MFO token holding will be required for users to get a discount fee from Vault Management Fee — which include both Withdrawal fee and reward haverting fee
Users will also have the option to stake MFO tokens and earn staking rewards.
Users who own $MFO tokens have the right to vote for proposal on changing Fee Structure of Moonfarm, adapting new DEFI project, APY of Auto Vault , etc..
4.New Farming Pools
Users who own a certain amount of $MFO tokens can create new farming pool on the manual farm and receive the sharing benefit from this pool.
Can you tell a bit about governance as generally it’s decided by the developers since they hold majority of the tokens???
If you look at our token omic
The Team- which is the developers, our tokens will be locked for 2.5 years. Therefore, the governance voting actually belong to token holders
many functions of MoonFarm project such as swap fee , haverting fee, can be voted so that the fee can be distributed back to $MFO token holders
Also have you decided minimum amount of tokens to be held as of now to create farms????
we have not decided yet, that will be up for voting
LIVE AMA QUESTIONS.
What is your short term and long term Marketcap you want to achieve?
our Initial Market Cap is $700k , in the long term we want to be a leading Yield Farming Plaform just like Yearn Finance
So we are aiming for 1B Market Cap, I know it is difficult but only dream big can help us achieve big success
Burning of tokens is the Best Thing for Controlling The Price Of The Token And reducing the supply. So, Do you have any plan of burning tokens?
Yes we do
all of the fee generating from our Platform will be used for Buyback and Burning Mechanism So that the price of $MFO can be stable
Abdul Basith Crypto mallu:
How can your SneakPeak- Yield Farming Product not cause Impermanent Losses? Is there an explanation for this?
Henry — Moonfarm Astronaut:
In fact, there will still be impermanent losses but we can minimize it by watching the price changes between tokens in the farms. When the impermanent loss happens, the smart routing strategies will switch to the other farms which does not cause impermanent loss. In addition, the single asset in the vaults will be staked in multiple farms with different ratios (similar to how Balancer works) which reduces the imperrrmanent loss
if the loss happens in the worse case, we use Treasury fund to recover the losses
with this solution, we can minimize the impermanent loss to almost 0
Give me 3 characteristics that distinguish your project from other projects and how to convince whales to invest in your currency
Easy to use
Cross chain Farming with the best APY
Potential toward MASS adoption
You said in your white paper that CEDEFI is upcoming area in blockchain applications. Can you give some killing features why the investors should CEDEFI over DEFI?? How will it attract newbies of Crypto World?
Defi is still really vulnarable toward hacking
Also most of Defi projects nowsaday are Anon, team can easily hide their faces, create some moon tokens, giving out crazy APY , take advantages of people and rug pull all the fund
-> Leaving people hurt and lose fund
-> They will lose faith to Defi and Crypto
Cedefi will have another layer of Security, team will need to be non-Anon since they running a centralized app
Since Cedefi applies a similar system like all other apps are running nowsaday -> Users will find it easier to get use to and use it without much effort require
Also Cedefi can ultilize both the liquidity from Cefi and Defi for me that is one of key feature of Cedefi
Well we finally came to the end of this ama session anything you would like to conclude with????
Thank you CryptoSpace for having me here today
Please support and follow MoonFarm, we are doing our best to change the crypto industry and help the crypto adoption through our platform
Please spread the new of MoonFarm to your friends
Also we will have one Airdrop coming soon
join our telegram and twitter for further detail coming up
It was our pleasure to have you and Thnkz a lot for sharing your valuable time with us and wish you all the best with the ido :)
Hope to see you soon :)
Guys remember an airdrop could happen join their telegram group :)
It’s a coin I must say which will definitely moon I am 99.9% sure rest your decision and generally participating on ido of such projects is always profitable :)
Moonfarm project :