AMA with AMA Room on 11. 16. 2020

AMA with AMA Room was scheduled on 11. 16. 2020.

Thanks to every community member who participated for the AMA.

For those who could not participated with the AMA, the following is the live record (the content is slightly adjusted):

Host: Hello Patrick, welcome to the AMA Room! Glad you can take the time

Patrick: Hi Erick, Thank you for your time as well

Host: in our AMAs, we want to know the people behind the project first. Please tell us about you and the journey towards discovering crypto.

Patrick: My name is Patrick from the Midas team. I am a current product manager of Midas Platform. Our team is formed with a group of coders and product managers who are fascinated by current Defi projects and gathered. Our goal is to build a DeFi protocol with simpler and more user-friendly( easy to use) so that we would like to lower the entry barrier to DeFi for everyone, especially those who are having a hard time using it.

Host: Awesome. So can you explain to us — What is https://midas-defi.finance/(edited)?

Patrick: haha I was gonna correct you

Host: Haha, I need more coffee

Patrick: To simply put, the current Midas project is a community-based defi protocol, which wishes to build a defi platform together with the community to make the Defi protocol easier to use for everyone. We currently have a yield farming feature for providing liquidity of MDS token up to a total supply of 84000 MDS token. Simple autonomous Vaults strategies (yield aggregator) is under development right now.

Host: So the YFI inspired space is crowded already. What is unique about this project?

Patrick: Uniqueness of our project is that we are looking to develop the project with the community. We always are open to any volunteers to help us with the management, operation, and development of the project. So many of our community members can become Midas’ team.

Host: ok. so tell us about the MDS token? What are its uses? Is it a governance token?

Patrick: It is a governance token of the Midas platform, which will allow the community to share their opinions, ideas, proposals on various factors about the Midas platform.

Host: How much supply is it and tells us how it’s minted.

Patrick: The total supply of the MDS token is 84000. It is currently minting with a rate of 0.2 MDS per block as a reward for staking the Uni-V2 LP token.

Host: Okay, we will open the group for community questions! Please prepare your claimed questions.

(People ask for community questions)

Host: Muted. please proceed @midasdefifinance

Patrick: Wow. would you mind giving me a couple of minutes to look over the questions.

Host: sure!

Community Question 1: Do you have any plans to use MDS tokens as a fee for Vault, other than to get back some of the fees from the market MDS tokens and redistribute agricultural income?

Patrick: Using MDS tokens as a fee for Vault is one of our ideas on Vaults. However, this needs to be checked by the dev. Another idea is that it would be better to put buying pressure on the MDS market by receiving withdrawal fees with the token that was used for the Vault strategy. For example, ETH Vault would allow the user to stake ETH for Vault and earn ETH after a certain period of time, and let’s withdrawal fee is 1% and some portion of 1% is used to buy MDS tokens from the market by using smart contract can put automatic buying pressure.

Community Question 2: What kind of fees do you charge from the profits generated by the community strategies? For what kind of use are they meant to be used?

Patrick: We may put a 0.5% withdrawal fee for using community Vaults strategies, to begin with, if the community does not offer any opinions. However, it can always be changed through community voting for sure.

Community Question 3: What is the value that the MIDAS project brings to humanity under the risk of an economic crisis and the influence of the Covid-19 pandemic as of now? What challenges is the MIDAS team facing?

Patrick: umm I’m really not sure the value that the Midas project brings to humanity under the risk of an economic crisis and the influence of the Covid-19 pandemic as of now. I just wish that our project would help people who are having a hard time using the defi platform and of course, at the same time, if they can generate profit too, it will be great. I think other companies or project teams are probably facing similar issues, getting delayed with development due to the Covid-19 pandemic because sometimes it is hard to get in touch with the whole team.

Community Question 4: What are the major factors that can influence the impermanent loss that a liquidity provider on your platform may experience? What is your solution?

Patrick: Since the LPs are basically using Uniswap which uses AMM, the change in price would cause the impermanent loss due to how AMM works and arbitrageurs benefit from it. In order to prevent it from happening, LPs always have to pay attention to the price change themselves. Using the platform and checking IL of their own tokens would be sole up to themselves. However, we are thinking about putting automatic buying pressure using some portion of the withdrawal fee to repurchase MDS tokens as I mentioned earlier.

Community Question 5: DeFi Yield farming is driving adoption because it brings crypto back to the promise of democratizing finance. What are your thoughts on this? What are $Midas_Defi liquidity mining plans?

Patrick: I agree with the following opinion, however in order for democratizing finance, everyone should be involved in the project such as development, operation, ideas, management, etc. Therefore, we would like to build and develop the Midas platform further with our community.

After the end block, the liquidity mining stops. The governance token stays at 84000 total supply. we would love to hear the voice of the community for further process (what happens after that).

Community Question 6: Currently Midas Finance devs and project lead remains anonymous.. why? Is it because of the regulations around the world or do you have some other reasons for this?

Patrick: It is not only because of the regulators around the world but also I’ve seen a lot of people giving death threats, assaulting with inappropriate languages to the other project developers just because the price is going down although the team has done nothing but developing the platform to work with the community. The defi project is solely up to its users for the price and usage. The investment is sole up to the user’s decision. That is why the dev team would like to stay anonymous. However, I’m here to talk with our community. Our team and community can always talk through our existing communities such as telegram chat.

Community Question 7: Can you explain what the Midas DeFi tokenomics design is like, Do you have Burns and Buyback plans, Also do you plan for Lockups?

Patrick: Total supply is 84000, including the dev portion of the distribution. A total of 4000 will be allocated to the dev address at the end block of 11400000. There is no lock-up at the moment on the dev portion. So far, we only used some portion of dev on airdrops for AMA purposes.

Community Question 8: which types of Industries & userbase $Midas_defi project is mainly focusing on? Do you plan to establish partnerships with local cryptocurrency developers in each country to make the use of the token more global?

Patrick: We are always open to partnership if any developers from other projects or community members offer us a partnership. We would love to share the information with the community and decide whether to proceed with it. We are focusing on a userbase of those who think defi is hard. This may include non-crypto users.

Community Question 9: Beyond Uniswap, is your team in talks with other exchange platforms to list Midas tokens? And if yes, what exchange platforms are your team in talks with?

Patrick: We are talking to several exchange platforms to list Midas’ token. We cannot address it here before the plan is confirmed and exchange allows us to announce it. However, we will be listing on other exchange soon.(we will announce it once it’s ready)

Community Question 10: You recently added the Zap feature to the Midas platform. What is Zap and how does this feature work to make the platform user-friendly?

Patrick: A Zap is an automated workflow that connects your apps and services together. Each Zap consists of a trigger and one or more actions. Therefore, the community can more easily participate in liquidity farming through Zap. By simply having ETH on your wallet address and clicking the Zap button, the contract will automatically buy $MDS from Uniswap and provide ETH-MDS LP on Uniswap. After you receive the LP token through Zap, you can simply click on a stake in order to receive MDS for providing liquidity on Uniswap. This simplifies the action of hopping around defi apps, searching for pool information, etc. This was one of our steps to simplify the defi protocol.

Autonomous yield generating DeFi project