BlockTalks x Vesta Protocol AMA Transcript!
Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with Vesta Protocol, on 16th August 11 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 Johnny Kane, CEO of Vesta Protocol & Rexx Dillon, COO of Vesta Protocol. So here we are up with AMA transcript, for those who missed the live session, this blog post will be saver & feeder of knowledge for them.
Introduction Questions Asked By BlockTalks
Q1. Could you please introduce Vesta Protocol to our community in layman’s term?
Ans — Vesta Protocol is a liquidity passive income generation protocol which aims to improve the ROI for each liquidity maker. It encourages liquidity makers to increase liquidity via UniSwap by locking their liquidity. This can be realized by:
-$Vesta’s standardized non-custodial presale smart contract locks the liquidity.
-A certain amount of $Vesta will be burned everyday. -ETH will be awarded for providing liquidity for Vesta via UniSwap.
Q2. What are the advantages of Vesta Protocol to other alternatives in the Blockchain field?
Ans — Vesta is the first passive income liquidity contributor to use fully smart contracts. The entire Vesta Protocol runs on smart contracts. The Presale is run on smart contract. The funds collected are locked automatically on UniSwap using smart contract. The daily ETH distributions are done by smart contract. The daily Vesta token burn is done by smart contract. Another advantage is our hardcap, which is 3000ETH. Based on this, the top-50 Vesta liquidity providers will share 75ETH on the very first day Vesta lists on UniSwap. Then, Vesta holders will continue buying to stay in the top-50, and this will push the price of Vesta higher.
This makes us unique compared to other similar projects.
Q3. What are the major milestones Vesta Protocol achieved so far & what are in future pipeline?
Ans — The presale smart contract is now available for the review of everyone, (https://etherscan.io/address/0xC012A28a08c34dfF845D1e7851831D55bb165a61#code), it demonstrates that our team has the ability to complete what we have planned for. Token will be automatically created after the presale and will be automatically listed on UniSwap. We believe that the deflation and liquidity contribution mechanism we designed will work well. Then we need to build up the DAO of Vesta Team and follow the roadmap.
Questions Asked on Twitter For Vesta Protocol!
Q1. Can you explain us what Vesta’s deflationary system looks like? Where do the tokens come from, how much% is burned and how often?
Ans — The deflationary model means that a certain number of tokens are burned every day, reducing the total supply. Less supply, means the value for each token goes up. Each day, we withdraw 5% of the ETH from the liquidity pool and pay out to the contributors. But, we also withdraw the same value of Vesta tokens and burn them. So, you get paid ETH every day, and the value of your Vesta tokens goes up and this happens every day.
Q2. In the world of competitive Liquidity deflationary is a sure thing, Can you give highlight of VESTA competitors? What does VESTA do to stay the best liquidity deflationary for security transaction?
Ans — There are other projects out there doing similar thing as Vesta. And they have been very popular. Like LID, or Tendies. But, Vesta is different because it uses smart contracts all the way through, so much more safe.
The presale is done by smart contract. The Total number of tokens is decided by smart contract. The daily ETH payout and Vesta token burn is done by smart contract. And we even have a trading algorithm that smooths wild price swings.
Compared to other projects that dont use smart contract for all of the key parts, we are much more stable and transparent. Plus, our hardcap is bigger, so the daily ETH payouts will be HUGE.
Based on our current hardcap, the top-50 Vesta liquidity providers will share 75ETH on the very first day Vesta lists on UniSwap. Then, Vesta holders will continue buying to stay in the top-50, and this will push the price of Vesta higher.
So, sharing 75 ETH on the very first day it lists on UniSwap. Not bad.
Q3. What is the main vision and mission of the Vesta Protocol in liquidity contribution? and how will the Vesta team handle the liquidity market demand in case of a significant increase?
Ans — Our core mission is to provide liquidity to trading pairs on UniSwap. First for Vesta/ETH, then we will expand to assist other projects with their trading pairs.
And, since everything is run by smart contract, we want to prove that this can be done automatically.
Q4. What competitive advantage does Vesta Protocol has over LID Protocol?
Most projects on Uniswap lacks liquidity makers. So how does Vesta support Uniswap in the ‘liquidity pool’ business?
Ans — Basically I don’t think we have any competitors. The only thing we have in common is the use of a non-custodial agreement for the presale.
Our purpose is clear, it is to create a liquidity reimbursement protocol. It will be a great experiment to prove that transaction liquidity can be adjusted or stimulated by using external compensation or rewards.
Our smart contract will be open to the public and more projects are able to use our protocol for presale and UniSwap liquidity improvement.
Q5. How easy is it to use Vesta Protocol in an existing infrastructure?
When will be the mass adoption of the Vesta Protocol?
Ans — Our smart contract will be open to other projects at the beginning of 2021
Questions Asked by our BlockTalks Community Members during live Session for Vesta Protocol team!
Q1. Could you explain a bit more to us about ‘‘External Liquidity Algorithm’’? How is it relevant to Vesta Protocol?
Ans — Our team have worked together for 3 years and one of the project we have done is the Algorithm trading platform.
So we were thinking to use our experience from previous project into Vesta Protocol.
So how that works is it can automatically react to and correct any issues on UniSwap, such as sudden adverse $Vesta price swings, that could negatively impact users or the community.
This is controlled by the smart contract as well
So it automatically sells Vesta if the price gets too high, or Buys Vesta if the price swings too low
8% of ETH and 8% of Vesta will be as reserve
of course price rises are good. but we want them to be smooth
Our mechanism is good enough, the External Liquidity Algorithm is to avoid the worst thing happen.
Its not just enough to launch a token or project, you need to prepare for the erratic trading and solve that problem so holders dont get hurt.
Q2. How to be motivated of using Vesta Protocol? What are the benefits?
When will be VESTA token listings on the exchanges?
Ans — Top 50 liquidity provider will be awarded with 5% ETH from the liquidity pool. Even if you are not top 50 liquidity provider, you will receive the profit from the increasing price of Vesta.
Vesta will be automatically listed on UniSwap after the presale. We are also negotiating with a few Korean exchanges and we will have the result after the presale.
Q3. Recently Vesta was mentioned in an article on Medium as one of the next leaders in DeFi. Did you expect people to have such high expectations of Vesta? How do you feel about this great commitment?
Ans — We were mentioned recently in a medium article as one of the next leaders in DeFi.
I think because DeFi is hot right now. Plus, we are making liquidity passive income better by using all smart contracts, so i think we are creating a new path in this space.
Hope to see more positive media about Vesta in the future.
This is the article you were asking about, in case anyone else is interested to read it. We noticed this article too.
Q4. Vesta Protocol pre-sale will starts Aug 21, Sounds good. Have you prepared several marketing strategies to attract investors, even investors outside of cryptocurrency?
Can I contribute liquidity for $VESTA on UniSwap? If yes, then what is the benefit of Liquidity provider?
Ans — Regarding the marketing question, you guys will see us more often in the media. Twitter, facebook, medium, all kinds of social media. We will be coordinating with KOL with bounty program, giveway. And more importantly, AMA. That’s the chance for everyone to know us a bit more.
As mentioned, Vesta will be automatically listed on UniSwap.
We have several key bounty programs, and are cooperating with several key KOLs.
If you provide the liquidity for Vesta, you will get a chance to win 5% of ETH from the liquidity pool.
Q5. I’m interested in investing, can you give me more details on the presale and how many rounds you’ll have, what’s the minimum and max cap, can I buy with other cryptocurrencies asides Eth, because Eth fees are unreasonably high at the moment?
Ans — Presale will be conducteed only at vtp.network. min investment is 0.01 ETH and Max is 100 ETH + 0.1% of presale total. This is per wallet address.
Currently, only ETH is accepted.
As for the gas, i understand that it is an issue for some people
But, dont forget that the presale prices give a minimum of 30%-50% to the UniSwap listing price for Vesta. So, the gas really wont be a problem with that kind of profit waiting right?
Here are some important links of Vesta Protocol 👇
Website : https://vtp.network
Telegram : https://t.me/vtp_network
Twitter : https://twitter.com/VestaProtocol
