Hello, Satoshi clubbers Another AMA took place at Satoshi Club and we would like to introduce to you the AMA session with our friends from Tadpole Finance. The AMA took place on 18 November.
The AMA session was divided into 3 parts with a total crypto reward pool of 800$ in DOGE.
In this AMA Recap we will try to summarise the most interesting points for you.
Part 1?—?introduction and questions from the Telegram&Bitcointalk community
Mary | Satoshi Clubadmin
Hello, Satoshi Club! We are happy to announce our AMA session with Tadpole Finance! @ngkong @drintari @oscardarmawan welcome to Satoshi Club:grinning:
D. | Satoshi Clubadmin
hello everyone!
@ngkong @drintari @oscardarmawan hello and welcome! :smiley:
William
Hello everyone!
Thank you for inviting us
Mary | Satoshi Clubadmin
Hello, William :grinning: welcome here
How are you today?:grinning:
William
I’m great, thank you for asking
especially with all crypto bullish today
i’m sure everyone is doing great here
Mary | Satoshi Clubadmin
Yes, what a day to be alive :joy:
Could you please introduce yourself and Tadpole Finance, of course :+1:
William
surely
my name is William Sutanto, co-founder and CTO of Indodax. The first and the largest crypto exchange in Indonesia. Established in 2014
I found an interesting area in Lending DeFi platform that can be improved. So we are trying to build Tadpole Finance
Tadpole Finance basically is a lending DeFi platform running on Ethereum network
Mary | Satoshi Clubadmin
Is Tadpole platform operational now or it’s still in the development?
William
Currently it is still in development. If you open our website https://tadpole.finance, saving and lending logic is working but on Goerli Testnet
Tadpole Finance
Decentralized Finance Platform for Saving and Lending Crypto
Mary | Satoshi Clubadmin
Yes, i saw:grinning: but i thought may be some functions already working and i missed that
How is testing going?
William
We just launched this project last month, we need to do a lot of tests and formal audit before launch it into the mainnet
some functions are working like genesis (closed) and DEX mining but the main function itself (saving and lending), is not ready in the mainnet
Mary | Satoshi Clubadmin
Oh, that’s great, hope everything will be ready for launch soon:grinning:
D. | Satoshi Clubadmin
and when mainnet will be launch?
William
so far so good, we still need to add more unfinished functionality, but the basic functions are working perfectly
our target is by December 2020 and as late as early next year (Q1)
D. | Satoshi Clubadmin
great! very soon
Mary | Satoshi Clubadmin
Waiting for this exciting announcement
William
we try to move fast
Mary | Satoshi Clubadmin
Thank you for impressive intro:+1: Are you ready for the questions from our community?)
William
sure
happy to answer all the questions
D. | Satoshi Clubadmin
let’s go then! :smiley:
Q1 from Telegram user @olaf_gudjonson
Tadpole Finance is an experimental project to create a more open lending markets, where users can make deposits and loans with any ERC20 tokens on the Ethereum network. Sorry for paying attention so much to semantics, but don’t you think that saying that your project is experimental, in an ecosystem which is under attack of hackers, where there is uncertainty and DeFi projects are constantly hacked, is not so assuring for your users?
William
We try to as open as possible to our community and all the supporters. Blockchain itself is still in experimental phase, moreover DeFi which is running under blockchain network. We want all users to know the risk that is bound to the DeFi ecosystem
Mary | Satoshi Clubadmin
Do you envisage something like an insurance fund in case something goes wrong?
William
I understand many people trying to convince that blockchain and DeFi is the future, it is true, but please also pay attention to the risks associate with it
in the lending platform, there is a small percentage of the interest profit that will be accumulated in the platform. That can be a sort of an insurance for the system when it goes south
That’s also the reason we don’t rush launching this project in the mainnet. Many measurements need to be done because this platform will handle real money
Mary | Satoshi Clubadmin
It’s great that you created it. And, yes, it should be checked hundreds of times, i see that you have clear understanding of security importance :grinning:
William
of course, i’m also running an exchange. security is basically our 1st priority
Mary | Satoshi Clubadmin
Can i ask you if you had any accidents with security on your exchange?
William
because of recent DeFi hype, many people rushing on launching the project in mainnet, we don’t want to do that
Mary | Satoshi Clubadmin
Yes, that’s right and it’s wise decision :grinning:
D. | Satoshi Clubadmin
yes, it’s greed. people trying to earn fast money, most of them don’t think about security of their product
William
Small accidents happen, hackers are very persistent on doing phishing attempts for example
Mary | Satoshi Clubadmin
Oh, i am very familiar with phishing :joy: actually, had such accident personally, but it was a perfect lesson
Thank you for clarifications and are you ready for the next question?)
William
yes, basic security knowledge is very important for crypto traders/investors. always enable 2fa, dont use same password twice, and dont install unverified software
be careful clicking any links in your inbox
Mary | Satoshi Club
Thank you for clarifications and are you ready for the next question?)
Sure
D. | Satoshi Clubadmin
double-check everything :+1:
Q2 from Telegram user @peerpeer
To lend USDT is 3.71% at the moment. Why should I lend at tadpole if on BINANCE I have 5.31% for 7 days period lending? Why on some pairs there is zero percentage? or there is no supply yet?
William
This is still in the testnet. In reality when it launches in the mainnet, usually interest will be adjusted with global markets, averaged between all DeFi platform (trust on the platform also calculated).
Mary | Satoshi Clubadmin
So, everything is a subject of changes?
William
the reason for 0 percentage is same, because it is still in testnet. no one test for lending on that platform, that’s why the interest is 0. the interest is calculated by measuring lending (demand) vs saving (supply). when demand is 0, interest will be 0 as well
the interest is calculated algorithmically. it adjusts itself according to demand and supplyso it is the nature that the interest will change overtime
Mary | Satoshi Clubadmin
got it, thank you:grinning:
We should wait till the launch date and then we will be able to compare with other platforms :grinning:
William
for the interest percentage, yes
Mary | Satoshi Clubadmin
:ok:, ready to go forward to the next question?
William
sure
Q3 from Telegram Username @KhaleesiTheCryptoLady
Tadpole Finance ultimate goal is to create an open ecosystem in which users can freely add any ERC20 tokens to be listed in the DeFi lending system, what are the procedures or any requirement for adding ERC20 tokens in this system? Does this includes all DeFi Tokens even the Rug pulled tokens?
William
Yes, it includes everything. Just like Uniswap can be used to trade all tokens. The difference is, not all tokens will have collateral value. This is our feature to protect the ecosystem from failing.
To add ERC20, is as simple as calling a function in the smart contract. With all the erc20 details in the request
Mary | Satoshi Clubadmin
Nice feature, who will determine the collateral value on Tadpole platform?—?human or smartcontract or…?
William
this is the feature that we are developing as well. collateral value will be set algorithmically by measuring some variables like uniswap liquidity, price volatility, etc
algorithmically I meant by smartcontract
Mary | Satoshi Clubadmin
Did you create your own algorithm or you modificate some well known algorithms?
William
we create our own algorithm
D. | Satoshi Clubadmin
got it, thank you. BTW how many developers working at your project?
William
currently whole Indodax & Tokenomy (my other company) teams are helping. But in the near future we also will launch a developer reward program which will incentify any development in the platform by opensource community (basically all developers in the world who want to join)
Mary | Satoshi Clubadmin
Thank you:grinning:
I think developers will be definitely interested in your program:grinning:
D. | Satoshi Clubadmin
awesome! great perspectives for potential devs :+1:
Mary | Satoshi Clubadmin
Next question?)
William
sure
Q4 from Telegram Username @yzmoney
The distribution of the TAD token is as follow:
Genesis Mining: 200,000 (20%) (30 days period)
Platform Liquidity Mining: 500,000 (50%) (2 year period)
DEX Liquidity Mining: 200,000 (20%) (1 year period)
Developer Rewards: 100,000 (10%) (1 year period)
What will happend after the 2 year period ? how will you continue to retain user to provide liquidity or borrow / lending ?
William
we expect after 2 year, the platform will be mature enough that no incentive will be needed to retain users
D. | Satoshi Clubadmin
so all tokens will be in circulation after 2 years?
William
after all functionalities are ready, the platform will be handed over to the community with governance voting mechanism. it’s up to the community as well where this project will be headed
yes
Mary | Satoshi Clubadmin
Can we jump to the next question?
William
yes please
Q5 from Telegram Username @AmirJosh
Are you gonna implement a credit rating system for the customers of Tadpole’s Saving/Lending program? If yes, Is this gonna affect the borrowers lenght of payment and how much they can borrow?
William
we don’t have credit rating system yet in our plan, but that’s a very good idea!
Mary | Satoshi Clubadmin
You see, Satoshi Club’s members are very creative :+1:
May be you will use it in the future:grinning:
William
i must admit the depth of this group questions are very advanced
D. | Satoshi Clubadmin
they are studied your project well
William
usually questions are around pricing and tokenomics, when gecko & exchanges, this group is very different
very happy to join this community
D. | Satoshi Clubadmin
yes, and we have these kinda questions as well
Mary | Satoshi Clubadmin
Thank you:grinning: and now, as you don’t have any ratings?—?everyone will be equal for borrowing?
William
yes, borrowing power is based on the collateral that is locked in the platform
Mary | Satoshi Clubadmin
It’s clear:+1: thank you and we have 6th question, the last in this part of our AMA. Ready for it?
William
yessss
D. | Satoshi Clubadmin
let’s go!
Q6 from Telegram Username @PaoloMonte87
In one previous interview, Mr. Sutanto?—?TadPole’s co-founder and CTO of Indodax?—?explicitly defined Tadpole Finance as an experiment project an attempt to improve the actual lending & borrowing DeFi landscape. He defined the current DeFi ecosystem as “closed and exclusive, in plain contrast with the blockchain’s spirit”. I personally don’t feel that way, but I am open to be persuaded. Could you please express the reasons behind this view with regards to the actual DeFi platforms we have access to? What and how does Tadpole Finance manage to improve?
William
wow that is a long question
Mary | Satoshi Clubadmin
Yes:joy:
D. | Satoshi Clubadmin
yeah, last but not least
William
We see all the big lending platform out there. to list a token, it requires so much voting power that it is impossible for small to medium projects to be listed in DeFi lending platform. I believe voting power itself is very great mechanism for the blockchain industry to decentralize the finance industry, but some functionalities are supposed to be decided automatically by the smartcontract instead of depending on the voting process. For example Uniswap will notbe known as big as like today if all listing in the DEX requires voting mechanism. We want to bring this idea to saving/lending market
Tadpole Finance itself will have voting mechanism as well, but for more essential decisions like interest calculation algorithm, collateral algorithm, etc
Mary | Satoshi Clubadmin
It’s really actually what you offer. Do you have any competitors on the DeFi market in this field?
William
many lending platforms out there: Compound Finance, AAVE, maker, etc
Part 2?—?live questions from the Telegram community
we will open chat for 120 seconds in second part and our guest will select best 10 questions from Satoshi club community
Q1 from Telegram user @ShaLiPon
Why I don’t see you in Tadpole Finance group, any reason behind in not joining the telegram group?
William:
- I’m in the group as admin, so my username doesnt appear
Q2 from Telegram user @KhaleesiTheCryptoLady
What will be the major benefits of Indodax Exchange in building Tadpole Finance? Do you have any plans to link Tadpole Finance lending system in Indodax platform? Can you Share to us what are the major plans ahead between Indodax Exchange and Tadpole Finance?
William:
- Currently the platform is still very young, it’s still 1 month old. Since this project is initiated by Indodax & Tokenomy teams, we are looking forward for close partnership in the future
Q3 from Telegram user @furkannv
The biggest issues as of now in crypto is volatility and liquidity issues. What steps have been taken by your companie to overcome it?
William:
- As an exchange operator, we clearly understand this issue. That’s why we launched DEX staking program to make sure liquidity is adequate. We distribute 200,000 TAD or 20% of the distribution for maintaining the liquidity Q4 from Telegram user @jobel4
Aside from Developer Rewards program, what other program are being cooked and prepare by Tadpole Finance to feed to the community? Do you have plan to add another menu for the members and the community of Tadpole Finance for them to stick with you for a long period of time? Thank you
Q4 from Telegram user @jobel4 Aside from Developer Rewards program, what other program are being cooked and prepare by Tadpole Finance to feed to the community? Do you have plan to add another menu for the members and the community of Tadpole Finance for them to stick with you for a long period of time? Thank you
William:
- we have 4 programs for the TAD distribution:
Genesis Mining: 200,000
Platform Liquidity Mining:
DEX Liquidity Mining: 200,000
Developer Rewards: 100,000
Genesis mining is over, now DEX liquidity mining program is running. Developer rewards program will be soon launched. And platform liquidity will be launched after the platform is ready in mainnet
Q5 from Telegram user Pratze
Do you have plan to make Swap mechanism for your platform? Could you please share what kind of new feature for TadPole Finance in the future that possible to increase the token value?
William:
- No. We can now swap easily directly from Metamask. I don’t see any real value providing swap functionality. Our main focus is saving and lending platform
Q6 from Telegram user Prof.Rz
How do you Encouraging developers to take the initiative s to participate in developing this project? How does the Developer Rewards Program works?
William:
- Developers gain many advantages joining DeFi opensource like this. First is the TAD reward itself, but more importantly is the knowledge and experience he or she getting from joining an opensource DeFi project, will be very valuable
Q7 from Telegram user @MOBILE1286
Can you list killer features project that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about ?
William:
- our killer feature is the ability to add any tokens into the market, with all the security measurement to prevent system from failing. that’s the main feature that we are selling
Q8 from Telegram user @jpsarmah
Why and what brainstorming made Tadpole Finance to take Compound Finance as its source?
William:
- Compound Finance is the most mature DeFi in the market now. We purposefully chose the most audited project as the base of our project
Q9 from Telegram user @andrewcoady
I saw that Tadpole will be listed on Bithumb soon. Are you planning to list on more exchanges too? Or Bithumb will be only one exchange where we can trade Tadpole?
William:
- Sure, please stay tuned
Q10 from Telegram user Corrie_Dorf
Hello Mr @ngkong I only guess, It seems you and Mr Oscar Darmawan (Founder of Indodax and Tokenomi) have a great relationship, are you both an old friend from same college?
William:
- for the last question i will answer the casual one, hahaha. Yes me and Oscar went to the same high school. We didn’t know each other that time. We just met when we had a business project together when we were in the 2nd year of college. Time flies so fast and now we’ve been partnering for more than 10 years
Part 3?—?Quiz Results
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.
For more information and future AMAs, join our Social Media channels:
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telegram group: https://t.me/TadpoleFinance or official channel https://t.me/TadpoleFinanceChannel twitter: https://twitter.com/TadpoleFinance
