AMA Recap_Layerfi x The AMA Room
In this blog post we recap the most interesting questions during the AMA (Ask me anything) hosted on The AMA Room today(05th Jan), as well as the answers of our team members: Nagle Sean, Paul Logan
For reference, the AMA Room is Part of the exnetwork.community.
Section 1. introduction and selected questions from AMA ROOM
Q. Could you give us a brief description about your project? Also how do you guys came up with layer finance idea?
A(Paul Logan)
The Layefi is a project that connects NFT and Defi. Simply , users can use our various services through NFT Card, and there are several services such as SANDBOX and EXCHANGE. We will reveal more about our services during the AMA!
Q1. Layerfi’s platform is a project using NFT. How can we get these NFTs, and what are the advantages of this?
A(Nagle Sean)
If you want to own our Layerfi NFT, you can purchase it by using layerfi’s Exchange service. Especially on initial sale, we will allow people who earlier participated in the public sale to join in the public NFT purchase.
To be precise, NFT can be resold through Exchange service according to the market economy, and since it is a limited issue, it can be expected that the price will not be fixed depending on the market environment.
Layerfi’s Card will be sold on our platform as well as on several erc-721 platforms such as Opensea.
For example, our pool compensation system operates monthly, and that compensation system has variable APY. If you want to get more rewards than last month’s APY, you are required to own a specific graded NFT Card, and this may increase the price due to a large amount of demand. Conversely, if the price of LF tokens rises, the pressure to sell after exchanging them for LF tokens increases, and the price of NFTs may decrease.
For more information, a detailed introduction to the NFT membership card service will be published, please refer to our announcement.
As a result, NFT can be classified as an investment product that can make a profit, and it can also be used as a means of participating in Layerfi’s differentiated APY rewards or deals within the Sandbox.
Q2. Layerfi is known as a project that connects NFT and Defi. Specifically, how do you connect NFT and Defi?
A(Paul Logan)
First of all, we approach to NFT with Scarcity concept. Scarcity arouses a desire for ownership and can lead to user participation. That said, we are going to issue an NFT with scarcity. While almost every defi projects focus on Art, we issue a scarce Card-type NFT that focuses on the benefits provided by Layerfi’s platform. This is our core service, Layerfi NFT membership card service.
By holding Layerfi’s NFT card, users can receive LF tokens as a reward, and furthermore, use our other service, Sandbox, on better terms. For example, holders can participate in a private sale of promising tokens on the same terms as institutional participants, or you can receive a larger amount of bonus tokens.
Layerfi NFT cards have a graded grade as above, which will be issued in limited quantities. Through this, we will act as an intermediary between the NFT and Defi markets.
Q3. These days, there are many projects that Rugged after the fundraising is over, or many Defi projects do not follow the Roadmap. How will Layerfi build trust in this?
A(Nagle Sean)
We are also keen on these issues. Therefore, we plan to conduct a token sale after the entity of the Layerfi platform is released. Our team started making most of the essential elements, from the landing page of the homepage to the dapp service in November, and is already near the end of development.
In addition, our project members have experience as advisors or project managers and community management positions on various projects. These details are available on our Layerfi Linkedin.
Within these things, users will be able to trust us. I highly recommend you to visit our web site to refer to.
Q4. What are the ways for Layerfi to generate revenue in the long run? Please tell me the structure of profits within the platform.
A(Paul Logan)
In fact, the most profitable service on the Defi platform is lending. For us, Defi belongs to layer 1, and the main layer product is NFT. Elaborating briefly, Layerfi stands for Layered Finance, which means that the services provided by the project are layered.
NFT service, Sandbox and Exchange service belonging to Layer 2 and 3 will be the ‘CASH COW’ of our platform. The sandbox functions as the raise capital of the Polkastarter project, while at the same time performing the role of the popular OTC platform. From the fees generated here, we are going to take a profit.
In addition, Exchange functions like Uniswap, and fees incurred by transactions and pools are also part of our revenue model.
Q5. Yield farming pools have some disadvantages like inflations and deflations things and do you have a solution for this?
A(Nagle Sean)
In the token economy, inflation refers to the ever-increasing problem of tokens in the market due to the tokens being released every year. The problem with most of yield farming projects is that they are experiencing constant price declines due to inflation of tokens.
To prepare for this token inflation, we set up a 5 year vesting structure. In addition, after genesis mining has been conducted for a month, we plan to control the circulation of tokens through variable APY. For example, if it is determined that a lot of tokens are released in the market, there is some ways to sell to LF token holders with a better condition or to spot sell high-grade NFT Cards in conducting a token sale on the SANDBOX service.
In addition, we plan to increase the use of LF tokens through partnerships to be announced in the future, while encouraging various projects to use Layerfi’s Sandbox and NFT card services while fixing the major currency used here as LF tokens.
Section 2. questions from AMA ROOM Group members
Q. Can you tell us the minimum amount a user has to deposit in order to be part of the reward system? How are the worth of the NFTs rated, by classification? — by telegram user name jakenoinc
A(Paul Logan)
The exact amount has not been set yet, but in order to buy the top NFT rating, the condition of participating in our presale must be met.
The top tier will need about 300,000 LF tokens, and the lowest tier, Bronze, will need 1,000, which is a half of that.
Classes are divided into Black, Gold, Silver and Bronze in order.
In addition, although it has not yet been announced elsewhere, Ethereum mining pool through staking of LF tokens is being prepared to for Ethereum 2.0 NFT in our platform.
You can expect a lot!
Q. Layer Finance doesn’t seem so active on social media channels. We’d like to follow up what you are on more frequently. Will you change this strategy? — by telegram user name tolatli
A(Nagle Sean)
currently we are on the very busy stage to make partnerships and Front dapp conection. I guarantee that we will offer various events to activate our community soon. also marketing in some important nations will be expected. thank you
Q. LayerFi offers its users premium memberships, what are the advantages of the premium version over the free version? And how much is the value? How often do we have to pay? — by telegram user name ItsMelissa3
A(Paul Logan)
First, in the Pool section, which can be called the Free Version what u ask, we intend to give anyone who has the LF token the right to participate in our yield farming pool.
In addition, we plan to airdrop NFTs with premium value to users contributing to the community.
NFTs paid or purchased here can be sold through one of our platforms, EXCHANGE, and will be made available for purchase or sell them through other platforms such as Opensea.
Q.In the long run, why should we trust and follow you and your project? How do you raise awareness and elimination of the doubts of investors / partners / customers? — by telegram user name HTaraca
A(Nagle Sean)
first of all, we are discussing about Collaboration Plans with other projects which are currently Nondisclosure. and also as we mentioned, our sincere platform would be the base that we can begin this project from
Section 3. questions from AMA ROOM twitter members
Q.Many Defi projects have issued NFTs recently. You mentioned that you are focusing on ‘finance’, unlike other projects are focused on ‘art’. Isn’t the art relevant to LayerFi? — by twitter user @emidm28
A(Paul Logan)
Yes. We are not going to focus on Art.
Isn’t there a credit card in your wallet? We believe in the project assuming that everyone will have these credit cards in metamask, and that demand for premium cards like the American Express Centurion will also be in the Defi market.
Q.Who is the competitor of #LayerFinance? What are the strengths does #LayerFinance have to compete with them? — by twitter user @starnico
A(Nagle Sean)
there are numurous projects farming NFT. however we believe that there is no competitors to us. they have not showed you proper Dapp yet. we are dominant with the platform combined bewteen ‘Card’ and’Finance’. actually, many of projects are trying to contact to us to know more.
Q.I saw that there is an NFT membership token available on Layer Finance. What requirements needs to be met inorder to get the LF tokens, is it going to be available only through sales, if yes when do you plan on running the token sale? — by twitter user @araceleyl
A(Nagle Sean)
I believe that your questions can be found in our website. please visit us! it will offer more than you need!
A(Paul Logan)
We plan to run a token sale within this month. There is no private round, we plan to supply LF tokens only through only public round(presale) and participating in Genesis Mining. Genesis Mining also requires LF tokens.
Also, as previously answered, early LF token holders can participate in Ethereum 2.0 mining. The reward paid here is, of coursly Ethereum, and we are planning a high APY.
I bet everyone will want to participate.
In addition, since the tokens in circulation in the initial stage are only for sale, I think it will show a very high APY.
Q.I read that the LayerFi ecosystem has a governance program. Can the users participate in governance through the $LF token or through the NFTs? Or both? — by twitter user @BillyBenes
A(Paul Logan)
Very interesting question.
The initial circulation of LF tokens does not include any non-sale volume such as Team or Advisor for about three months. So, we’re going to add an NFT here too, since a few Whales can manipulate our governance.
Q.here is fierce competition in the finance industry. How will Layer Finance deal with its rivals? Do you have details to guide users to you? — by twitter user @Coin_Travolta
A(Nagle Sean)
yes its pretty fierce. we will go though this market with good stategy and confidence based on our platform.
Section 4. Last questions
Q. In LF Token Distributions there is an item called Reward with 75% which is really a big percent. What is this item for, reward of what?
A(Paul Logan)
Reward for Pool.
For more information on this, please refer to our whitepaer.
https://layerfi.com/layerfi_whitepaper.pdf
Q.What oracles will LayerFi use to get accurate data? How will LayerFi prevent oracles from providing false information?
A(Paul Logan)
Oracle is also in charge of the project in partnership with us. However, as you know, the reward or service we provide doesnt require that much oracle at first.
Q.What is your long-term vision for LAYERFI? Are you afraid that one day there will be another project with more innovative technology that can replace your project?
A(Nagle Sean)
One day it might be happend. However we will keep trying to make develpment to our project. we will always try to be
a front runner bringing new technologies. thnak you
Q.Many projects only talk about their stringhot, what can you talk about the weak point of the Your project you are currently managing? Is it weaker than other projects?
A(Nagle Sean)
Our weakness is that our project is very new runner of this market. but we already have had many experience from other projects. we can manage well. please keep eyes on our project. thank you!
Q.What is your long-term vision for LAYERFI? Are you afraid that one day there will be another project with more innovative technology that can replace your project?
A(Paul Logan)
Of course I think it should be. Only then can we proceed with rebranding and work harder to improve the project :)
I know that u guys know project called Polkastarter is very popular with their own IDO service these days.
I think our Sandbox will do this well enough.
Q.What is your top 3 things for priorities in 2021? What is @layer_finance marketing strategy for 2021 And what about community plans? Could you share some upcoming plans
A(Paul Logan)
EXCHANGE
SANDBOX
POOL
EXCHANGE will serve as a market ecosystem that combines Opensea and uniswap.
SANDBOX is an IDO platform to activate our premium NFT cards.
POOL, as you know, is just like most Yield Farming dapps. The peculiar thing is that Ethereum 2.0 mining will be proceeds in the Genesis Mining stage.
