AMA RECAP : MOONFARM FINANCE OFFICIAL LIVE
Hosted by — Moony Farmer
We have closed AMA live on May 28th 2021. So here we are up with the AMA transcript, for those who missed the live session, this post will be a time saver & a feeder of knowledge for them
Could you please introduce yourself and the team.And tell us how you get involved in crypto?
- I’m Son Dinh, CEO of MoonFarm Finance
- We are crypto veterans since 2016 who have credible backgrounds from Digital Exchanges and are familiar with handling multiple currencies and chains, building top-notch security and fiat on/off ramps.
- One of our projects in the past is FinanceX — a cryptocurrency exchange in SEA.
- MoonFarm Finance is our new project since we want to solve DEFI key problems and bring mass crypto adoption to traditional finance.
What is Moonfarm Finance project ? Could you share Moonfarm vision?
- MoonFarm is a DeFi and Centralized Finance (CeFi) hybrid yield farming aggregator. It provides the best of both worlds, offering all the cost-effectiveness, easy access, transparency and rapidity of DeFi yield farming, in addition to offering the security associated with a centralized financial ecosystem
- Moon Farm optimizes Yield Farming interest (APY/ APR) and provides users with the abilities to choose what farms they want to use or the system will automatically determine the best farming strategies using the yield optimization engine.
- Our vision is to become the leading CeDeFi yield farming optimization platform. By doing so, we will contribute to:
1.Bridge the gap between CeFi and DeFi
2.Remove entry barriers to yield farming and enhance users’ experience;
3.Provide better capital utilization;
4.Create strong optimization that provides the best benefits to DeFi users;
5.Boost crypto adoption.
What is your progressive plan to ensure that Moonfarm platform remains relevant and valuable in the next 3–5 years; in terms of adoption and use-cases?
- If you look at our roadmap you can see that we will keep integrating with multi-chain and bring the best DeFi projects of each chains to our platform
- With that development we can attract a lot of funds and thus generate constant money flow from our swap fee and harvesting fee. Therefore, we can build a stable business with steady income generated every month.
- Also we have a $MFO vault where users get the highest APY and receive the reward tokens from all other Farming Pools -> The fee generated from this $MFO vault will make the fund in our treasury increase thus boosting the buyback and burning mechanism for $MFO.
- We also partner with other Centralized Exchange since our platform can use centralized exchange for the liquidity of our MoonSwap, unlike other DeFi that can only partner with D-apps, we can even partner with both CeFi and DeFi due to our way of development as a bridge between CeFi and DeFi.
- Centralized Exchange can partner with us since we can use their liquidity for our MoonSwap DeFi projects and can utilize our platform to help users farm their token in our MoonFarm Finance without the Impermanent Loss.
Generally cross chain transactions are costly so how do you plan to minimize the fees on the same or will it stay as usual ?
- Great one, here is one of MoonFarm’s strengths.
- We collect the funds staked from all users in order to do the least farming transactions to reduce the transaction fees. The cross-chain swap leverages 1 INCH exchange as well as centralized exchange liquidity such as Binance to minimize the transaction fees.
- Therefore, users will bear a much lower gas fee and transaction fee cost compared to other DeFi projects.
Can you tell exactly what is the role needed to be done by the consumer in the vault all he has to do is provide a single asset and your software would do the rest of the work or something else ?
- Users just need to deposit funds to Moonfarm and choose the single asset vault to farm.
- The rest of the farming work will be done automatically by the system.
- The system will run the best strategy to find the highest APY farm which supports the token in the vault and un-stake and re-stake to a new farm if any comes up with higher APY.
- Thus, the APY of Moonfarm vault will be the highest over the time. In addition, the system will auto-compound the rewards returned from the farming in order to get higher yield.
Could you share some recent product development in terms of roadmap or milestones achieved?
- Our product has nearly finished and is being audited by The Arcadia Group, in the next few days we release the product and you guys can join and farm
- In the short future, we will integrate MoonFarm to Polygon and Solana so users can earn much higher APY from these chains.
- NFT market is also in our plan to release after, more information will be announced soon, for now we are running a beta testing for our NFT market
- We are also in the progress of partnering with a traditional bank in our country to support the Fiat on-ramp and off-ramp system.
Your app is not opening presently so could you tell when will your app be fully functional and with what features are you initially planning to start your app? Additionally tell a bit about your IDO is still some IDO open for the public to participate ? From @KuteCrypto
- Our app will be available for testing at the time of IDO
- You can do yield farming on 8 vaults. We will continue to add more vaults soon. The first version will be BSC farms only. In the next 2 months, we will bring more farms from Ethereum, Solana and Polygon to Moonfarm.
- The IDO is on 1st June, Dual IDO on both Poolz and Yellow Road, we have strong support from both platforms.
- For more information you guys can follow Poolz , Yellow Road or our MoonFarm Finance channel to join:
For the IDO, 350.000 $MFO token will be sold public at the price of $0.4
You guys can register here for IDO
https://bit.ly/3bQUlYH :- Poolz IDO
rb.gy/vmwwks :- Yellow road IDO
The form will be closed on 11th June and IDO will start
For more information please read here: https://moonfarmfinance.medium.com/announcing-moonfarm-dual-ido-on-poolz-finance-and-yellowroad-app-a642bf64f31.
The next question from @X6Crypto. Moonfarm finance is a CEDEFI that aims to bring the advantages of both CeFi and DeFi but what are you mainly focusing on more is it on CEFI or DEFI according to you what should be people focusing on more to adopt and why?
- What we mainly focus on are the security and easy process that CeFi normally offers.
- For DeFi, we will integrate and partner with some of the most credible farming DeFi on each chain such as Pancake and Bake on BSC, Ray on Solana, Quick and Dfyn on Polygon and thus bring the high APY yield farming to MoonFarm Finance users.
- For me and my team and my VCs partner, we focus solely in bring a very smooth experience for users when come to farming
- With that easy process, security and high APY farm, I think people will be attracted a lot
Now question 3 of session 2 Can you tell us about Moonfarm finance current partners and plans for partnership and what everybody stands to gain from these partnerships @zzzzzzz1123473.
- We have full local support from Vietnam our country, our VCs are owners of top crypto community in Vietnam with around 40k members in each group
- We also have Arcadia, an audit company, as long-term partners, with their help we will have a lot of new partners in the future.
- SMO Capital is a huge VC name, they invested in some of the top-notch project such as Casper Labs, Refinable, and here is what they say about MoonFarm Finance:
“What attracted us to Moonfarm is the vision to simplify and make yield farming safer across multiple chains. From one simple web or mobile app the user can deposit single-sided assets and leverage the power of auto-compounded yield farming across different chains like Binance Smart Chain, Ethereum, HECO, and others in future.” — Chris Croft, SMO Head of Research.
- SMO Capital shares the same vision of the importance about a CeDeFi platform to speed up the crypto adoption and DEFI access, they promise to support MoonFarm Finance in term of new partnership as well as Marketing plan
What is the process of farming in your product? Could you explain it to us? from @Huy85115943.
- People can deposit fiat, any assets into our platform
-> turn it into a single crypto asset
-> stake in our Yield Farming Vault
-> receive the reward daily
-> swap them to USDT through our MoonSwap
-> sell USDT back to their Fiat
- You will see that we develop a end to end process for users unlike other DeFi, users need to do a lot of work, thus we think that a Wide range of users can use our product, from young generation to even your grandparents can deposit money in and farm with MoonFarm.
Impermanent Losses are pain in the ass. Will your yield farm aggregator be able to handle this problem? from @imhn99.
- In fact, there will still be impermanent losses but we can minimize it by watching the price changes between tokens in the farms. When the impermanent loss happens, the smart routing strategies will switch to the other farms which do not cause impermanent loss. In addition, the single asset in the vaults will be staked in multiple farms with different ratios (similar to how Balancer works) which reduces the impermanent loss
- If the loss happens in the worst case, we use the Treasury fund to recover the losses. With this solution, we can minimize the impermanent loss to almost 0
LIVE AMA QUESTIONS
1.Thanks Mr Son and congrats @WanitaRocha.
Q What are the main key points to making MoonFarm strong about security , Protection and speed?
A Moonfarm collects funds from users and does yield farming based on the optimization algorithm so it will be much faster then the user does yield farming himself. (and save gas fee of course). We apply multiple security layers which are norm to centralized exchange to secure users funds. The system keeps separate vaults in different smart contract addresses to reduce the risk of hacking
2.Thanks Mr Son and congrats to the owner of num2 question @ZoeThorton.
Q I want to support your project, Tell us more about the Ambassador Program and in what ways can we participate ?
there will be an Ambassador Program coming up
Also when the product release , our referral program will online and you can use that to invite your friends into our platform
3.Congrats the owner of no3 question @MiguelinaColley.
Q In the long run, why should we trust and follow you and your project? How do you raise awareness and elimination of the doubts of investors / partners / customers?.
A The team member is not anon, you can go to our website to see all team members
Our project aims to bring greater crypto adoption therefore if you keep following and supporting us, it will be a Win- Win situation for both of us
We received the fund from top tier VCs, also we are doing IDO on some of the most credible platform Poolz and Yellow road
-> Those things will raise the awareness and elimination of the investors
4.Congrats to the owner of no4 question @xiscamate.
Q Big problem for a lot of DeFi projects seems to be that when farming starts, the price goes down because people unload to put liquidity into the farm. Will there be an incentive to hold and not just farm and dump?
A Yes there is.
Even though our MFO vault will have the highest APY , it will be the most productive in MoonFarm since the user only spends MFO tokens and can get passive income from many vaults. A part of the other vault’s rewards token will be distributed to the MFO Farm. The more vaults MoonFarm implements, the more sources of passive income for MFO holders.
Also with our $MFO token.
- Users can stake to earn reward fee from our platform
- Vote for new Farming Pool
- Discount fee on harvest fee and swap fee
also all $MFO token holders will have the chance to receive NFT airdrop from us
-> plenty of incentive for token holders
5.Okay congrats the last winner @Hang682 with her great question.
Q What is PROJECT’s revenue model? In which ways do you generate revenue/profit?
A yes we do have a Business revenue model to keep our project growing
here is our Fee Ecosystem Structure
I .Performance Fee
Most MoonFarm Vaults have a performance fee structure, which is 3% of harvested rewards/profits.
2% is distributed back to the MFO Vault and MFO stakers.
1% is allocated to MoonFarm Treasury.
These fees are already built into the APY of each vault and daily rate.
The performance fee is largely distributed back to $MFO stakers and is the main source of MoonFarm platform revenue. The MoonFam treasury is used for further funding platform development, new optimization strategies, smart contracts security, and other initiatives. The performance fee was also implemented to promote community engagement and governance participation. A successful and engaged community is critical for our future growth, which in-turn rewards platform users even more.
II .Withdrawal fee
MoonFarm vaults also have a 0.03% withdrawal fee when customers withdraw from MoonFarm. The main purpose of this fee is to prevent possible exploits from bad-faith actors. Without the fee, somebody could deposit just before the reward harvest and withdraw immediately after that event, thus taking some % of the gains generated by legitimate stakers.
III .Swap fee
Moonswap will find the best rate among CEX and DEX supported by the system. The transaction happens instantly. The user is only charged as small as 0.1% fee on any transaction on Moonswap.
-> With all 3 fees above, our Treasury Fund will increase along with the growing of the MoonFarm platform
> more users -> more fees -> more money to buy back MFO and burn -> more fund to cover Impermanent Loss for the project
MoonFarm is a DeFi and Centralized Finance (CeFi) hybrid yield farming aggregator. It provides the best of both worlds, offering all the cost-effectiveness, easy access, transparency and rapidity of DeFi yield farming, in addition to offering the security associated with a centralized financial ecosystem.
Moon Farm optimizes Yield Farming interest (APY/ APR) and provides users with the abilities to choose what farms they want to use or the system will automatically determine the best farming strategies using the yield optimization engine.