BlockTalks x ChainFi AMA Transcript!
We recently hosted an AMA with ChainFi, on September 22nd at 2.00 PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by The Krishnik, Delivery lead at ChainFi. So here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.
Introduction Questions Asked By Team BlockTalks!
Q1. Could you please introduce ChainFi to our community in layman’s term?
Ans — As from the coined name "Chain-finance" ChainFi’s is a Multi-chain decentralized exchange with liquidity mining protocols- Yieldfarming and other DeFi liquidity tools:
A decentralized exchange that supports different blockchains for easy, faster and low transaction fees.
Yieldfarming, to earn while you farm or stake our tokens.
Q2. What are the advantages of ChainFi to other alternatives in the Blockchain field?
Ans — Easy and swift transactions with low fees (About 50% off when you hold $CNFI),
Scalable and community driven (MVP), Liquidity mining protocols and unique DeFi features, take for now the token bridge, We tend to unify the DeFi ecosystem.
Q3. What are the major milestones ChainFi achieved so far & what are in the future pipeline?
Ans — Major milestones, Talk about support and partnerships from different big names in the crypto space as hosted on our website. ChainFi’s dapp frontend is live online https://chainfi.io/app
Outlined plans for the future is detailed here https://chainfi.substack.com/p/infographics-multi-chain-decentralized?r=rmcpt&utm_campaign=post&utm_medium=web&utm_source=copy
Questions Asked on Twitter For ChainFi Team!
Q1. Chainfi offers a reliable & low cost with high yield in which it also gives entry to high APR. Can you tell us how low is your transaction cost or rate and how high is the APR you can offer to users?Is the low cost of transaction can be equally fair with the higher APR you offer?
Ans — Our transaction cost are relatively low and you pay less than 50% of the normal transaction fees if you hold our governance token, which is a true definition of scalable and decentralization.
Our APR will be high enough to reward users and as well prevent inflation.
Q2. I could read that ChainFi sought to achieve a unified DeFi ecosystem, but could ChainFi really adapt to the requirements of each of the projects and different blockchains to achieve that unity? And really how long will it take to unify it?
Ans — We have our systematic plan and in place to achieve this, Yes, our sole aim is to unify the DeFi ecosystem in a decentralized manner, We are innovating unique DeFi tools- Bridge across chains, Routers and initiatives we plan to feature as we expand our work.
Q3. In one of the stages of your technical route, the launch of NFT products is established, I have seen platforms that launch NFT to launch NFT, do you have any use plan for your NFTs? Will you add any rarity or limited edition on them?
Ans — Following NFTs rampage, We outlined as found on our roadmap to utilize in our innovations (ecosystem)
Unique ChainFi’s DeFi NFT with representations (use cases) and this will come as a big and profitable surprise to our community supporters and holders.
Our NFTs will be limited editions with unique identifications.
Q4. One of the objectives of Chainfi announced in advance is the negotiation in Dex and liquidity movements by the end of 2021, almost everyone chooses to go to pancakeswap, because it is better to start with a DEX and what plan do you have to develop this liquidity?
Ans — ChainFi is a multichain dex with a token bridge and router. We are implementing various blockchains which makes us better and gives us an upper hand than pancakeswap. I must admit that pancakeswap is great but we plan to aim higher and better. What we have is true decentralized and connection of several chains. Why go to various AMMs on different networks when you can do all on ChainFi’s multichain dex with our low transaction fees and as well our antirug plans which we’re putting into concentration as well. Definitely be the turning point of most projects, We tend to support smaller projects by opening farms and pools to increase liquidity, trading volumes but we won’t end at the small projects but will also target bigger projects.
Together with the support of our community, we will achieve our goals.
Q5. I could read that you are looking to operate on multiple chains, but if you are really looking to praise it, why only place the full supply of your tokens on the BSC network before the rest? Will forever guarantee great speed and low rates? Or are there other reasons?
Ans — Yes, We are developing a multichain DEX, innovating a token bridge: which means we can easily migrate and bridge our token across other chains.
The early creation on smart chain network is because of the current reasonable support and mass adoption, Fast and low rates is guaranteed. One step at a time, We are implementing our tokens also across other chains covered by our dapp.
Questions Asked by our BlockTalks Community Members during live Session to ChainFi Team!!
Q1. What strategies have been designed in place by ChainFi to ensure that there is no loss of funds on the token bridge?
Ans — This will be totally decentralized and run on blockchain,Smart contract codes are written by experts, all will undergo also in-depth security check. Only challenge users might face will be delay sometimes, usually caused by network interaction.
Q2. I understand that ChainFi is a multichain decentralized exchange, but since the project is still at the early developmental stage, I presume that you won’t be able to support all chains at this present stage. So how many blockchains does the Dex presently covers and which other blockchains do you plan integrating as you develop the project further?
Ans — Ok yes, from our white-paper initial version released our dapp will be implemented to cover now the Binance smart chain, Ethereum and Polygon network, We plan to expand from this bringing on more innovative chains.
Q3. Is your platform can suitable for Crypto beginners? Or does it only no appeal to professional users?
Ans — Please take a look at https://ChainFi.io/app, You will agree everyone will easily understand and find interesting to interact, Always room for improvement and more user friendly additions.
Q4. I want to know about the token’s usage? Can I bet and earn income? Can you share with us what interesting programs or events will take place in the coming days? What is your development path?
Ans — Holding our governance tokens gives you power around our ecosystem- up to 50% off transaction fees, access to our MVP and the intriguing APRs to reward holders.
Q5. When would your audit on ChainFi be released and when would you implement the staking?
Ans — Dear Harrison, Our smart contract codes are now published on GitHub and also audit report is completed and shared also from Techrate: https://github.com/TechRate/Smart-Contract-Audits/blob/main/September/chainfi.pdf
Staking will be implemented after our governance token launch.
Q6. In crypto world as user we don’t want to lose our assets to some scam project where our money run away and disappear so why should we invest in your project as a long term investment?
Ans — ChainFi’s liquidity is locked by third party with anti-rug tools, ownership is also renounced, This is fully decentralized and controlled by the community, Contract security check is done and safe for investments.