Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with DeFi Wizards, on February 11th at 02.00 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 Ananad Kamath, CEO at DeFi Wizards 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 Defi Wizard to our community in layman’s term?
Ans — DeFiWizard is platform which provides One-click Wizard to Create Token, Staking and Yeild Farming.
Q2. What are the advantages of Defi Wizard to other alternatives in the Blockchain field?
Ans — It will reduce the recurring work for lots of crypto projects. Also it will reduce the auditing costs.
Q3. What are the major milestones Defi Wizard achieved so far & what are in the future pipeline?
Ans — We are already being used by 4 projects listed here: https://defiwizard.xyz/projects We have 10 more projects in pipeline.
Questions Asked on Twitter For DeFi Wizards Team!
Q1. Defi Wizard has a 100% Liquidity program distributed to the community every month for 8 months, if it’s been 8 months that liquidity is no longer distributed or how, Can you explain?
Ans — Idea is to distribute as many tokens as possible to community. After 8 months entire tokens are with community. We had to stop the rewards at some point.
Q2. Defi Wizard provides services for crypto companies and businesses looking to create digital assets. What is your further exposure plan for this project and what are your financial resources for sustainable development?
Ans — We will come up with more templates, With respect to trends. For example: yeild farming is trend — i will release yeild farmining template.
Q3. $DWZ Token is a governance token that holders can use to pay for token creation / staking contracts / yield farm contracts. Apart from the above statement, can the holder use it for other purposes? If so, can you name other uses for $DWZ?
Ans —They can stake and earn the rewards and participate in governance.
Q4. Why 60% of the income from the platform goes to the treasury and Does the rate of transaction fees to be distributed to DZW holders and the rate of tokens to be burned change every month?
Ans — Yes. We will distribute 25% to token holders and we burn the rest.
Q5. How does DeFi Wizard work; users can conduct Staking NORD Finance or Zero Swap through DeFi Wizard, so in the near future will users be able to provide liquidity (LP) on the DeFi Wizard of those projects?
Ans — Yes. We are just providing the smart contract and dashboard for these projects. We don’t have the ownership on the smart contracts.
Questions Asked by our BlockTalks Community Members during live Session to DeFi Wizards Team!!
Q1. How to set up a Multi-Sig wallet with Defi Wizard, what are the different things about having a Multi-Sig wallet? Can you explain more about the Multi-Sig wallet?
Ans — It’s similar to gnosis safe but we will provide a single place to handle everything realted to pre-TGE.
Q2. Can you enumerate more on the ETH to BSC bridge in respect of how it will be helpful to projects that will be launching on BSC? Is this bridge already launched or when can we expect it to launch?
Ans — It will help lots of projects to move their assets from ETH to BSC.
Q3. Do you really think auditors are making a lot of money from their auditing work for you to want to reduce auditing cost with your solution? Will they be happy that a project like DeFi wizard exist?
Ans — I’m okay with audit firms auditing the protocols to avoid the loss of funds and attacks.
I want to eliminate auditing the already audited code. There is no point of auditing it.
Q4. Going by your deflationary mechanism “60% of revenue from Platform goes to Treasury, 25% of revenue would be distributed to DZW holders while 15% of revenue would be burned every month.”. Will this number remain the same or it’s subject to change? If it’s subject to change, then, will this decision be made by the team or the community through voting?
Ans — Yes this would be changed using governance in future. We will governance from DAY 1.
Q5. DeFiWizard’s ecosystem is an superb thought for honest developers desiring to get commense in the DEFI era, But how does WIZARD ensure that the “tokens and projects” created on its platform will not be used to decieve or victimized its users and investors?
Ans — We can’t safe guard this from day 1. We will eventually start curation.
Q6. What is your relationship with Zeroswap?
Ans — ZeroSwap used our LP Staking platform to increase their on-chain liquidity.