BlockTalks x LayerFi AMA Transcript!
Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with LayerFi, on December 30th 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 Paul Logan, Project Manager & Front-end Dev & Sean Nagle, Community Leader & Marketer at LayerFi 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 Layerfi to our community in layman’s term?
Ans — Layerfi is a decentralized finance platform that brings practical use of NFT to the Defi market. To put it a little longer, we will provide a differentiated Membership NFT, and open a market service that can trade it and a Defi market service.
Q2. What are the advantages of Layerfi to other alternatives in the Blockchain field?
Ans — There are a lot of Defi projects that have issued NFTs recently. We will answer this in a few moments later in Question time, But in shortly said, we are focusing on ‘finance’, unlike other projects are focused on ‘art’.
By integrating NFT services with finance substantially, we are trying to achieve synergy between NFT and Defi services.
In particular, we plan to disclose our platforms to some extent before the token sale and then proceed with the sale. So, if you are interested, please watch our platform beta release!
Q3. What are the major milestones Layerfi achieved so far & what are in the future pipeline?
Ans — One of the many questions that many people have asked for this AMA was the concern about fraudulent(Rugged) project.
We’ve done enough market research to find out what the problems of the defi projects have been.
And based on such experiences and know-how, we focused on development without starting a token sale from the point of view of ideas. Thanks to these efforts, our team, which launched in the second quarter of 2020, was able to complete the preparation to successfully launch Layerfi dApp Beta V1 in a short time. At Beta V1, we will open Pool and SandBox service first.
In this step, we will conduct various compensation programs to secure Full Diluted Value, a measure of stable project operation, and make the reward program attractive to both liquidity providers and token sales participants. At Beta V1.2, we will demonstrate our value by providing our core NFT membership cards and Stake services. Please keep your eyes on our future journey.
Questions Asked on Twitter For LayerFi Team!
Q1. Does the name ‘LAYER FINANCE’ have any meanings?What makes you to select such a name?Also Can you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team?
Ans — The name of our project ‘Layer Finance’ implies very important project for us. Layer is a word that means hierarchy and level in a dictionary meaning. Our project uses the name ‘Layer Finance’ to divide these layers into 1. Finance, 2.NTF, and 3.Exchange services to provide Defi services. And also by integrating these layers we provide membership services provided by existing financial institutions in the blockchain market.
Let us introduce our LF token.
The LF token issues 20 million tokens totally.
15% of them are team (5%), advisor (3.5%), reserve (4.1%), sales (10%) and liquidity supply (2.4%).
Except for the sale and liquidity supply, all of them have vesting after TGE(Token Generation Event). And there are still some to say more.
Please refer to the white paper for more details.
Whitepaper link : https://layerfi.com/layerfi_whitepaper.pdf
75% of total percentage will be given as platform rewards.
It will be offered as a reward for Pool Service and NFT Membership Card Stake Service.
It will provide variable APY rewards by monthly through our governance votes. When the sales and token settlement are completed, we are going to lock up a one-year liquidity supply to Uniswap at a 40% increased price of the sales price.
This one-year liquidity lock-up contact will be open to everyone.
Q2. Crypto people say that the next boom will on NFT after the Defi, Do you agree with this? And what are the plans of LAYER FINANCE to build on NFT concept/Technology ? Any future idea about NFT?
Ans — Yes, that’s right. I think NFT is definitely a challenge to a new area of blockchain. It doesn’t just mean the synthesis of Defi and NFT. As with many NFT projects, projects using NFT have not been properly used as asset value, such as making memes on its own and making purchases for unauthorized items such as individual works.
In the future, blockchain technology will be used in various ways in our lives, using NFT to replace individual identification cards, and also will serve as a certificate for any special contract.
Therefore Layerfi provides the following services:
1. We issue NFT-based membership cards. Membership cards are issued limitedly by grade, and these cards offer a variety of benefits. We will discuss this in more detail in future questions.
2. We will provide NFT market service. It includes NFT membership cards developed in layerfi platform and provides the environment for trading items such as NFT tokens developed in games such as opensea.
Like these services, NFT in our platform will try to prove the value of an individual’s assets, and highlight their uniqueness and scarcity.
Q3. I have seen that there is an NFT membership token available on Layer Finance. How can I get that token?Also what’s the benefits of that token?
Ans — The acquisition of NFT membership card (token) is available by purchasing through the exchange. At the initial sale we will allow people who participated in the public sale before to participate in the ‘NFT purchase’
To be exact, this card can be resold through exchange transactions depending on the market economy, and since it is a limited issue, we can predict that the price will not be fixed according to the market environment.
For example, our pool compensation system operates by monthly, and that compensation system have variable APY.
Subsequently, our governance will determine this APY by vote. And from V1.2 beta service, which we will provide NFT membership card services, except for the first month of Genesis mining reward period after TGE, the rewards and benefits of staking NFT membership cards will be higher than the pool rewards only. Also, Sandbox, one of our core services, based on various blockchain development, marketing, and advisor experiences in the cryptocurrency market, wil provide opportunities to participate in good projects according to your NFT membership card grade.
For the more details, please refer to the notice after the NFT membership card service is announced. In conclusion with my words, we will increase the value of the NFT membership cards issued by grade, and build a system that can circulate the LF token through this NFT membership card system.
Q4. Community is the keystone for the success of any project. My question is how important is Community and its trust to you? And what are your steps and agendas to grow your community and reach out users at a global level?
Ans — The importance of the commynity cannot be overemphasized. We believe that trust of the community is very important and that the process of building that trust is also very important.
In order to do so, we will disclose team member information, and open our source code through GitHub. And we will proceed with development, and utilize various marketing means. All of our team members are experienced in blockchain marketing and development, including Steve, has experience in the SperaX team’s as an advisor and also in blockchain development.
We think that transparent disclosure of this variety of information is the foundation for building trust. Of course, not only this, but we also think that developing Dapp is important.
We are honored to present our completed Dapp beta V1.0 before the sale, and we will proceed with the sale through our platform and open the reward pool. In order to solve the hacking issues of other projects that many people have worried about and asked, we are also aware of the problems in advance and are preparing to prevent the same case from occurring within our platform.
Through sufficient beta service period, we will try to become a reliable Layerfi within doing successful launch for this time.
We will welcome the talented and open-minded employees who can form a strong community to leap up to the global level, and we will listen to advices very carefully.
Q5. What is your most important goal that you wanted to achieve in 2021?
Ans — Our goal for 2021 is obviously, the success of Layerfi platform. In terms of the price of LF token, we will govern the token inflation with governance system, and we will work to improve the value of the platform by forming diverse pools through partnerships with other projects and partnering with teams , any projects providing dapp service, for NFT’s practical market exchanges activation.
Finally, for communities in various countries (especially non-English speaking countries), we will promote AMAs and partnerships with local communities. We’re going to be a Layerfi that keeps the promises step by step with our roadmap.
Questions Asked by our BlockTalks Community Members during live Session to LayerFi Team!!
Q1. When will you publish your mainnet and do you have a testnet right now?
Ans — First, in the meaning of Mainnet, I want to say the mainnet of the service, not the separation from ethereum chain. I’ll show you one picture.
Here, you can see that the mainnet starts from January, a few days after Betaservice. Until just before, I was working on connecting the front and the smart contract, so you can expect!
Q2. Do you have different tokens for nfi and yield farming? How many tokens do you have?
Ans — We will have soon an anouncemet of new partnerships, we will add new tokens related to the new projects. there will be amazing new projects coming up. please wait for it!
Q3. What oracles will LayerFi use to get accurate data? How will LayerFi prevent oracles from providing false information?
Ans — The project in partnership with us is already in partnership with the Oracle project, and they already issued stable tokens. So! we offer u to look for it yourself when a partnership is announced!
Q4. Yield farming pools have some disadvantages but do you have a solution for this?
Ans — We’ve seen many yield farming projects crashed within their high APY. We will only provide high APY to those who hold NFT unconditionally, so we continue to increase the value of the LF Token with variable monthly APY and various OTC sales and through our SANDBOX service.
There are a total of three services available, and if all of the services we have prepared work well organically, I think the LF token price will surely continue to rise.
Here are some important links of LayerFi 👇
🌎 Website: https://layerfi.com/
📱Twitter: https://twitter.com/Layer_Finance
📢 Telegram: https://t.me/LayerFiofficial
