BlockTalks x Flaming Farm AMA Transcript!
Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with Flaming Farm, on November 5th at 11.00 AM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Flaming Farm CEO, 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. What are the advantages of Flaming Farm to other alternatives in the Blockchain field?
Ans — As one of the first deflationary Yield Farming platforms to hit the market, Flaming Farm seeks to transform the Defi Community. When people join liquidity pools on Flaming Farm, they automatically enjoy the network’s burning system’s benefits.
Q2. Can you please share more details about the private sale going on? And what are the advantages of private sale buyers?
Ans — Why not!! Due to Flaming Farmers high demand, we started our private sale on 2nd December, 2020 ( 3 days ago). Quick details abour private sale is as:
Private sale Price 0.12 ETH (min:0.5 ETH, Max: 30 ETH)
Private Sale Hardcap: 300 ETH
Duration: 7 Days or until Hardcap is reached
There are several advantages for the private sale buyers i.e.
1. They can get $FFARM tokens at low price
2. In Farming, early farmers and buyers commonly get more profit and benefits
3. They can take advantage of the unique deflactionay burning system from start and can buy more tokens ( the Maximum cap for 1 buyer in Private Sale is 30 ETH while in Pre-Sale the Maximum Cap will be reduced to 20 ETH)
Questions Asked on Twitter For Flaming Farm Team!
Q1. Minimum Burning rate in every transfer is 2.5% and will be adjusted as supply increase on $FFARM burning mechanism. Is it mean $FFARM supply will increasing? Can you give an example of condition?
Ans — We are aware of the only problem with yield farming protocols is the risk of inflation. This risk originates from the structure of the function that each new token slowly decreases the token’s overall value. This decrease occurs because the supply increased without any neccessary demand.
Problems arise when you have tons of these tokens getting issued, and there is no burning system. That’s why to protect our investors funds we have a well planned burning system that will be adjusted along with increasing supply
Let me explain it in detail, In Flaming Farm our total supply starts at 10k, with 2.5% burning rate, with farming supply increase, so when we hit 12k total supply burning rate increase for 0.5% and this happen in every time that supply increase 2k.
Q2. currently farming is very popular with crypto people. but what about the farming system in FLAMINGFARM. Is there a time limit and token lock when we are farming and how do you convince us that it is safe to farm in FLAMING FARM?
Ans — Yes you are right is very popular, there is no limits you can stake or unstake your liquidity LP whatever you want, and you can claim your earning at anytime too. We can convince you that it is safe to farm in Flaming Farm, first of all because we researched and will have a balance between supply increment and deflation, and because we will be full audited.
Q3. Flaming swap is one of Flaming Farm feature, When it will be launched? What is the difference between other swaps?
Ans — Yes Flaming Swap is our own Dex, that was created mainly because the fact that we dont need any other pool, when we have our own pool and with better rewards to our farmers. More info about Flaming Swap 1 day before officially launch.
Q4. At the moment, where you are focusing right now? building and developing products or getting customers and users, or partnerships? Could you share it?
Ans — At the moment, we are focusing in literally all of what you have mentioned, we are currently for example building our own exchange, token contract with unique features, we are in constantly learning to allways give the best as possible, but we have a good marketing team working 24/7 too, and i can see that we are getting really good results, about partnerships we just can talk later, just to give an extra info, we are already auditing our contract and as soon as we can we gonna make it public.
Q5. There are many rumour that Yield based token will be abandoned by investors in this near time because many people realized that Yield Farming just a way to earn more token but also decrease it’s value. What make you believe Flaming Farm will survive on this trend?
Ans — The platform’s deflationary protocol is what the market is missing at this time. Investors need to know that their investment will remain valuable in the future, especially if the liquidity pool grows. Flaming Farm users get this guarantee in the form of a next — level deflationary strategy with sustainable APY.
Questions Asked by our BlockTalks Community Members during live Session to Flaming Farm Team!!
Q1. What really MOTIVATED you to bring such a great PROJECT into existence?
Ans — The fact that many projects was making people losing money in days due to that problems.
Q2. What’s the minimum & maximum for staking $FFARM?
Ans — No maximum and minimum
Q3. As you know Covid-19 has a large impact in the crypto Market, So How can your company maintain its project and also the team that are working hard during this pandemic?
Ans — We will have both pools, eth, usdt and many others, i dont think our project gonna suffer with that.
Q4. With all the yield farming hype, a lot of tokens are offering rediculously high APY on liquidity staking. How does the FlamingFarm compare, and why would a investor choose it over other yield farming opportunities?
Ans — Ofcourse we dont gonna give ultra high APY and thats where we gonna play, because we want sustainability and a balance between increase of supply, and deflation.
Q5. What are the strategies to attract new users and investors to your platform? And also What is the competitive advantage your platform has that you feel most confident about?
Ans — Right now is the lowest pricr that you can buy our FFARM token because we are currently in Private Sale, but we gonna give bonus to who are more active and stay with us from the beginning, but more info about this will be shared soon.
Q6. How can we trust Flaming Farm project? Still We don’t know anything about your team members? Even you don’t have any roadmap or white paper! So, it confusing that where you wanted to take this project?
Ans — We are here from the beginning, and we are just anon, everything that will happen in the project will be public, and our main objective is our investors security and if possible profitability.
