We recently hosted an AMA with Vent Finance, on September 7th at 1.00 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 Saad Benkirane, Marketing Lead and Head of Communication. 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 Vent to our community in layman’s term?
Ans — Of course, in the simplest of terms, Vent Finance is building a simple, compliant, and all-in-one DeFi platform offering services such as token launchpad, decentralized exchange, and a third-party marketplace.
We are building an ecosystem that curates the best functionalities of both worlds, with the goal of accelerating the adoption of decentralized finance while staying compliant with financial regulations.
Without going too much in detail, that’s pretty much Vent Finance 😉 We’re here to create a sustainable ecosystem that will last in the long run, that’d be in a bull market, or a bear one. Markets come in cycles, and projects need put a large focus on being able to thrive on any environment — and that’s what we are currently building!
Q2. What are the advantages of Vent to other alternatives in the Blockchain field?
Ans — You know, most current solutions are extremely transactional. The process of being part of an IDO is complicated and annoying: investors need to sign up on a ton of platforms before a transaction can even be completed. This can expose investors to potential scams; for example, if a project’s official communication channels or DEX address aren’t clearly communicated, investors can end up buying fake tokens.
Also, investors risk receiving information about the projects from untrustworthy sources and external parties who could influence their decision-making. This really creates a high barrier to entry for new investors. I think that solving these problems is key for DeFi and the crypto as a whole to grow and reach mass adoption in the future.
So through an innovative staking mechanism (our Point Allocation System), social hub aspect, community-driven approach, and a growing ecosystem, we are building so much more than what our competitors are building.
Q3. What are the major milestones Vent achieved so far & what are in the future pipeline?
Ans — As our global reach expanded and our community grew stronger and stronger, we have reached mutliple milestones we are proud of, that ultimately brings us closer to our mission to develop the world’s most simple, accessible, secure community project funding platform.
First of all, we are extremely proud and humbled to have reached over 60k community members (Ventorians 😉) across all continents! We have established multiple local community groups to allow the Vent Community members and newcomers to communicate comfortably in their native languages! You can actually check out all our local communities here — vent.ec/communities
On a product perspective…
We’ve put a lot of focus on creating a sustainable launchpad ecosystem that would strive regardless of the market conditions. We are planning to build multiple products around the launchpad. Hence a very big emphasis on launchpad *ecosystem*.
On that end, we have reached the following milestones:
1. We have launched the very first version (beta) of the VentUp Launchpad, gaining up to close to 10k registered users! 🤩
With that said, behind the scenes of the VentUp Launchpad, we are constantly udpating the product and building partnerships with projects interested in launching with us… we have actually onboarded and currently finalizing discussions with multiple projects to launch throughout the year.
2. Secondly, we were extremely proud to announce the very first Vent Ecosystem Product, ADAmatic — the first Cardano to Polygon bridge (developed in partnership with Polygon themselves and MELD).
Although we’re currently running on Polygon, we’ll soon migrate to Cardano and for that, we’re working closely with other players in the community to build a decentralized bidirectional bridge across Polygon and Cardano — and ADAmatic will provide us, and projects launching on our platform to bridge through two of the most popular chains at the moment.
Following this, we are currently working as well on two of our product lines alongside VentUp:
VentSwap — a decentralized exchange where users can swap tokens in simple, cheap and fast manner.
VentCommerce — a marketplace where projects will be able to use the funds they have raised to pay for services that will help their business grow.
For sure, I can actually give you a bit more insights on our marketplace (VentCommerce)
From the project side, as I mentioned, we aim at building something more scalable and secure than current offerings that are purely based on contacts and trust (or lack there of). Our marketplace allows us to connect project creators with the providers, advisors and investors they need to accelerate and grow their projects. All of this, powered by our beloved Cardano smart contracts…
This also means that private rounds can happen on our platform, projects can leverage on chain reputation to decide if an investor is right for them or not, decide to go for other funding mechanisms, like ISPOs or IEOs… we just empower them to fund and grow their projects securely, simply and successfully.
Questions Asked on Twitter For Vent Finance Team!
Q1. Vent is a project destined to help others to have their first opportunity in DeFi, that’s awesome, but actually, there exist a lot of projects with the same idea, even big exchanges offer this service, so why a project should choose you over other alternatives?
Ans — Actually, what’s interesting is that Cardano smart contracts are not live yet, hence we’ll see more about real Cardano competition in a few months. Having said this we had to start somewhere, and while most of the other Cardano players chose to start on the Ethereum chain, we saw clear problems with this approach:
The Community has been dissatisfied with the fees involved in investing, claiming and staking contracts.
We decided to go for Polygon to create the best conditions for our users in terms of cost, speed, and security.
Furthermore, there is the question of inclusive sale allocations. Unlike lotteries that are a game of luck and guaranteed allocation schemes that provide tiny allocations, we have designed an inclusive and fair sale allocation mechanism called PAS (Point Allocation System).
This system allows users to generate points through time and get allocations depending on their point balance. It will make sure long-term holders and true project believers are truly rewarded, as they will generate more points and be part of every sale.
Then there’s the social aspect. The Vent social hub connects and strengthens project communities. Users can support and provide feedback to project developers by upvoting, commenting, and participating in project forums. Due to the platform’s high user engagement, developers will be able to exchange ideas and thoughts, allowing them to better understand customer needs and expectations.
Q2. A large batch of projects use avatars and incomplete or false information to hide the identity of the developers, some even say that KYC is not compatible with DEX, how does Vent evaluate and balance privacy, and the need for investors to know with certainty who is entrusting?
Ans — We only work with solid projects and to find those we pay close attention to the team.
Most solid projects will publish their team on the website to gain additional legitimacy and show to the community that there are responsible people behind the project. On our end, we actually introduced a couple weeks back the Vent Meet the Team Series. This is a series dedicated to providing some insight and understanding into the faces who make up the Vent team! We had live interview and AMA sessions on our telegram voice chat (@ventcommunity) with Alexander Kunzmann, CEO and co-founder, as well with Lucas Mateu, COO and co-founder.
This series is still quite early, and we have so many other team members to introduce to the community! 💪
We plan on having the similar style of content for our partners and projects we will be working with, to ensure transparency. On a more regulatory standpoint, we obviously proceed with KYC/AML checks on both investors and project creators!
Q3. On your website there is a section called “Vent Learn” and another “Glossary”, I understand that it is intended to educate your community about crypto, but can you give us more details on how these services are going to work? Will they be attended courses or something like that?
Ans — . I truly love this question because I do believe this is a fundamental pillar of our core vision. We believe education is extremely important for both crypto adepts and newcomers. That’s why we are planning to introduce Vent Learn and the Glossary, to provide the necessary resources for the crypto community to either expand their knowledge on complex issues or learn about the most basic processes.
The difference between both is that, Vent Learn will be a series of articles, from simple to complex, that will help newcomers better understand crypto.
The glossary on the other hand will allow anyone to search a word relevant to crypto/blockchain and get a definition & explanation of this word.
Part of our vision is being the bridge between CeFi and DeFi, and the best way to do that is by educating people unfamiliar with crypto, that’s why we want to really focus on having some of the best educational material in the industry. — we are currently in talks with top tier and low tier influencers that have an aligned vision, and working directly with them to grow this aspect through Vent Finance.
Q4. The availability of sufficient funds is the most important factor in the development of a project. Is your group financially capable of completing this project? Do you have sufficient funds to develop it? Can you explain how the “VentFinance” project generates profit?
Ans — We pride ourselves in being very financially prudent, and projecting the best case along with the worst case scenarios. Our financial planning process is centered around being more than solvent enough to reach our next financing round. We also have an emergency fund that will give us plenty of time of operation in case the market conditions enter a bear market or just consolidate.
This is something our Financial Lead, Miguel Munuera, is really proud of. Vent’s business model is innovative in the sense that we are pulling inspiration from both the crypto world and the traditional finance world; diversifying our revenues across many different avenues. We want to create a profitable solution at scale: charging small amounts, but having a large amount of transactions (hosting many projects, financing rounds at all levels, transactions with marketplace providers, etc.).
This will ultimately allow us to be increasingly more financially sustainable than other projects in the space, and will prevent us from being dependent on the market.
If you want to learn a lot more, Miguel will be in a perfect position to develop more on this.
Q5. I learned VentUp launchpad is a community-driven crypto launchpad designed for project creators. in the VentUp ecosystem, what kind of decision can the member of the community vote on and how will you ensure interactions between high-potential projects and invest in the next gem?
Ans — I’ll try to expand as much as I can, because this is what we’re all about… the community.
First of all, VentUp users actually empower projects through our Social Hub, by upvoting, commenting, and participating in forums.
The Vent Social Network is a social community that connects creators and like-minded individuals to grow and strengthen project communities in a safe and controlled environment.
The upvote button is very similar to a like button. An upvote for a project by users signals their stamp of authority for a future VentUp IDO Launch. This enables our community to be part of the project selection process.
A project requires a minimum threshold of around 1500 upvotes to become eligible for an Initial DEX Offering. Once the threshold is met, the creators can apply for the token launch. Our due diligence team will evaluate the project to determine compatibility with Vent Quality Standards.
On a side note, users can create their own public profile with a profile picture and add personal information. They can interact by upvoting projects, commenting on projects, and interacting with communities through interactive forums. As the community grows, the Vent Social Network will become a great place to exchange ideas and thoughts, allowing project creators to better understand customer needs and expectations.
At the end of the day, we’re not transaction-based, like other launchpads. We’re community-based. We recognize the power that a community holds. That is why we give them complete control. They hold the power to make a project a reality.
Questions Asked by our BlockTalks Community Members during live Session to Vent Finance Team!!
Q1. Do you have AUDIT certificate or are you working to AUDIT your project, so that the security of the project becomes more secure and reliable?
Ans — Yes, we do! We have worked extremely hard on establishing strong foundations with regards to security! You can check out our audit report here
Q2. Vent is currently avaliable for Cardano-Polygon projects, why just these ones, will it support projects from other blockchains, like BSC, in the future?
Ans — Interoperability will be one of the key driving forces in the next few years to unlock the full potential of crypto projects. Having said this, we have forged ahead to develop the very first Polygon — Cardano bridge to be pioneers in connecting possibly two of the best blockchain ecosystems.
In the short term, with our upcoming IDO on Sept 10, we will be listing the VENT token on the most accessible DEXs — Pancakeswap (for BSC) and Uniswap (for ETH) — with quickswap a couple of days later (for MATIC)
Q3. While you build your project, do you take into account community feedbacks and demands?
Ans — We take community feedback at heart! The fundamental vision is based on what the community is looking for, and we do adapt based on what the community wants!
When we first announced our IDO — we were planning to go with a FCFS basis, but then the community leaned more towards a Guaranteed Allocation, and we provided.
We have adapted and offered 2 rounds. First round being guaranteed allo, and the second one with FCFS!
Q4. I read on your website that you opened an Ambassador Program, how can we join it? What are the requirements? What will be the functions of these ambassadors and what benefits will they get?
Ans — Yes! We recently opened the Ambassador Program, and are getting a lot of applications! After 48 hours, we had received over 300 applications that are all really good. It’s still open for applications, you can go directly on here and apply!
Apply now! 👇
Q5. Marketing strategy is very important. A product can be established on the market without marketing and promotion, Whatever it is good. So What are your plans for this?
Ans — As our global reach expanded and our community grew stronger and stronger, we established local communities in various regions across all continents to allow Ventorians and new members to communicate comfortably in their native languages! You can actually check out all our local communities here — vent.ec/communities
Furthermore, we believe in creating a strong community, that’d be from investors to influencers. We don’t believe in paying influencers to shill Vent Finance. We build relationships with them and onboard them as long term partners/advisors where they actually work alongside the core team to push the Vent marketing efforts. This can be through internal marketing campaigns to different press releases!
On a side note, as previously mentioned, we truly value the engagement between the Vent Team and the people that support us. We put a lot of importance in being fully transparent and listening to our community — that be from providing frequent updates to the community in a formal and informal way to providing unannounced rewards to our community members.
As we said, Polygon was one of the ways we implemented user feedback, but we also changed our token offering from a FCFS basis to a guaranteed allocation just because the community asked for it. We also created the Early Community Member program where we whitelisted all users that submitted a form we sent to our Telegram Community channel! We plan on having more spontaneous rewards and engagement very soon! 👀