When we think about markets of perfect competition, cryptocurrencies always come to our mind, we can find an immense number of projects willing to satisfy the needs of the growing number of investors. So, today we are glad to tell you about the AMA session with our friends from Bundles Finance. The AMA took place on November 25 and our honorable guest was @BundlesFinance.
The total reward pool was 200 BUND and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Mary | Satoshi Club: Hello, Satoshi Club! We are happy to announce our AMA session with Bundles Finance! Welcome to Satoshi Club
D. | Satoshi Club: @BundlesFinance how is it going?
BundlesFinance: Thanks you for having me. This is Simon from Bundles. A little nervous but very excited to be here!
Mary | Satoshi Club: Everything is great and let’s start with your intro @BundlesFinance and of course tell us more about your project!
BundlesFinance: Bundles is a new way of earning APY with a fixed supply and involves using your crypto prediction skills to compete against other users to earn more $BUND. We just launched our platform 2 days ago and it’s gone well (although a few bugs still to be fixed with the UI)
This was just the first pool we launched and we have many more themes of reward and time periods to introduce. If you are really good at predicting, you can earn an APY of nearly 800%
Mary | Satoshi Club: It’s great) we can earn by predicting?) Does it mean if I am bad predictor I will lose? Or I simple won’t have profit?)
BundlesFinance: If you are a bad predictor, there is a chance that you could lose some of your stake. We run real time leaderboards and relative positioning so you can see how you are doing throughout the staking period. Our leader at the moment has achieved a 26% portfolio improvement in just over 36 hours.
Q1 from Telegram user @crypto_propeller
It has become an exception to see projects that talk about team members. Kudos for that, it brings more trust to the project. There are still things that could be done better when speaking about team presentations. You have written text about it, but do you plan to share more accounts of the founders or other verifiable sources of information about them?
BundlesFinance:Yes, we do. It’s just been a whirlwind of a past month and now we have a little time we can work on things like that. Sid and I met 8 years ago and have been working on a crypto project called Elevate Health which was fortunate to get a lot of VC backing. With COVID we had to hold our pilot projects as they were international so we had the idea of Bundles! And here we are!
I do think a public team is very important. It gives accountability to investors. We aren’t Rockstars but we have been working in the crypto sphere for a number of years and know it well. We’ll update our profiles etc but it’s pretty east to find me on Twitter, I was one of the first Bundles followers!
Mary | Satoshi Club: May be you can share a link here, so everyone will be able to find?
BundlesFinance: Sid and I run the project, Sid id more technical, myself more community facing. In addition we have a team of DEVS, 2 full time and then another 4 at times of heavy work. We also have a marketing person and our TG admins. @BundlesFinance @SimonLewis8888, I live in Asia… hence the 8888!
The rest of the team are also in Asia, we have worked together for a few years now so we have a good relationship… athough the past 36 hours were a little fraught.
Q2 from Telegram user @malidonald
Your website is clear and simple, but still looks like work in progress. Especially the “Hall of fame” section strikes with emptiness. Can you tell us what information will you have there?
BundlesFinance: The Hall of Fame will show the winners from each pool. Because our first pool doesn’t end for 5 days, we haven’t had a winner yet. In the next weeks, that will fill up as our winners get their usernames immortalised in the Hall of Fame. As the pools end, this will fill up with usernames and their avatars.
D. | Satoshi Club: Do you plan to add something else on your website? any new sections?
BundlesFinance: Yes, we will add more staking pools with different reward structures and times of staking. Then, our big development is to open pools for other ERC20 tokens to participate in their own pools. BUND holders will receive fees for opening the platform to other token holders. It could be particularly exciting for tokens who may have lost some impetus and we can bring some life back to them.
Q3 from Telegram user @isd_orban
Bundles staking platform launched on 23rd of November at 10am UTC. Can you please tell us how it works? Is it simple as using uniswap or is it something different? Please share a guide.
BundlesFinance: Users connect their wallets. They then choose the amount of BUND they would like to stake on that pool. They then choose the Bundle (yes, that’s where the name came from) of currencies they would like to choose, the performance of this is measured and they then get a relative token position ranking that will determine payouts at the end of the pool. You can see a how to stake guide the site by clicking through to the Medium articles.
https://medium.com/@bundles.finance/staking-guide-how-to-stake-your-bund-on-bundles-finance-37cb2eea1aca Note that the current pool is closed but the next one iopens in the next few days.
D. | Satoshi Club: I can only connect metamask, as I see?
BundlesFinance: Yes, it’s on the site. 5 days and 8 hours till the next pool opens, other wallets and mobile walletconnect comes this coming pool.
It’s a totally new concept in the space so has taken time to develop and build. We are not just a clone of other concepts so it will develop over the coming weeks.
Q4 from Telegram user @blockmen
You recommend not using more than 3 currencies on your Bundle in order to make it more safe and less complicated. Why is that? Also, please mention it on the website as well because people who don’t read your medium will not know about that
BundlesFinance: Good question. That is a short term recommendation as we will reduce the number of wallet approvals required to stake. As everything is recorded onchain in terms of your choices, there are 1 too many approvals required which will be fixed by the next pool. We are already testing the streamlined workflow. Then users can choose as many currencies as they like in their Bundle!
Mary | Satoshi Club: Got it) so, you still in testing phase on some features, right?
BundlesFinance: Yes, we wanted to provide some confidence to investors that the product worked. But we will really develop over the coming weeks. We prefer to see this as a Mainnet Beta platform. But staking has been strong with more users than we anticipated. It bodes well for the future.
D. | Satoshi Club: Have you plans in the future to connect project with other blockchains somehow?
BundlesFinance: Currently, we want to concentrate on Ethereum and pools for ERC20 tokens. That in itself is a great platform. But down the line, as other chains gain adoption, it is certainly a possibility. But honestly, it’s not in our roadmap for the time being.
Q5 from Telegram user @ivancryptoz
In an article on your medium account from Nov 13, I see that some of your smart contracts are still on the test net. Can you give us an update regarding the progress with this? Were they launched on the main net? If yes, did you have any issues with it?
BundlesFinance: Good question again. We took the precaution of having our audit done before we launched. As there are so many rug pulls in the DEFI space at the moment, we wanted to give investors’ confidence in the platform. So the contracts were audited in testnet. We launched on the mainnet as our platform went live. Were there any issues? A few! WE were about 8 hours later than we thought on launch. But considering how some projects are months behind, we feel we did a good Job!
Mary | Satoshi Club: Yes, great! And now my favorite question about audit
can you give a link to it?
BundlesFinance: https://solidity.finance/audits/BUND/ There you go! BTW Solidity Finance are a great auditor. Tough but very responsive.
Mary | Satoshi Club: Did they have any issues with projects they audited before? Do you know? Because, as you know, even projects audited by Certik are not 100% safe.
D. | Satoshi Club: Yeah, maybe just need more audits? for example, i’ve heard that 1INCH (dex exchange) contract passed 11 audits.
BundlesFinance: Indeed. This is a very developing field and as such things are always progressing. We were recommended them by several people and took their recommendations on board and oir experience was positive. Although it was long in terms of information required.
Because I have been so engrossed in Bundles over the last month, I am unaware of the 1inch scenario. But yes, I agree with the point that multiple audits on a regular basis is a good idea and one will be enact.
Mary | Satoshi Club: Yes, hackers are very inventive now, so you have to be sure in your contracts security. Btw, if something will go wrong do you have any insurance fund or something like this?
BundlesFinance: Thank you. We are in the process of a bug bounty promotion. In the platform, it is only BUND that is staked so for the time being, we have enough BUND to offer a like for like replacement on the amount staked. But an insurance fund is being discussed. We are working with a LoL broker (Lloyds of London rather than LOL!) broker on this point currently.
Q6 from Telegram user @filippsubzero
Because of the fees on ethereum, the team will send $5 of Ethereum to everyone who stakes the first week. This is awesome. You are the first project to do that or at least it is the first time I hear it. It is very nice from you to help the community do that. But I thought of 1 thing: What if users will just ask for 5$ with multiple accounts and get away with this money? Do you have a measure for this case?
BundlesFinance: Thank you. We were unhappy that users had one too many approvals and wanted to bear that responsibility. We will only pay stakers who have staked on the platform that week so there would be no financial incentive to request multiple wallets as they would pay an equal amount of gas fees. I like this question, someone has done their research. Well done.
PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS
The chat was open for 80 seconds; a lot of questions were posted by Satoshi Club community. Our guest chose some of them.
Q1 from Telegram User @supper_star_2
Every projector has a special aspect. If you have anything like that, what is it?
BundlesFinance: Thanks for the question. I think that a platform has to have a special USP as you suggested. Ours is the competitive element that we bring to staking. DEFI is very competitive and bringing that into one platform should be very engaging for people.
Q2 from Telegram User @Mgl800
If I want Bund tokens, where can I buy them? What exchange are they listed on and where could they be in the long term?
BundlesFinance: Thanks Miguele. We are currently on Uniswap but more exchanges are coming. Watch this space. Price wise I don’t think I should comment specically but we do aim to be a staking mainstay.
Q3 from Telegram User @Pannicota
Many DEFI projects seem to have a BIG PROBLEM that when farming/staking or liquidity farming started, the price goes down slowly because people unload to put liquidity into the farm, collect and just dump it, no hope for LONG TERM. Will $BUNDLES have an incentive for users to hold and not just farming/staking and dump?
BundlesFinance: Thank you for the question. I was hoping someone would ask this! The difference with Bundles is that we have a fixed supply, so we aren’t just minting tokens that can be dumped as supply increases. Our supply will never go above our current max supply of 97, 120.
Q4 from Telegram User @lembaranfotohitamputih
Is KYC needed to use your platform? What for the people that can’t submit documents for KYC?
BundlesFinance: We don’t require KYC. We are a DEFI platform so that defeat the object of being decentralised. You just need a wallet. We do ask for a username to populate the leader boards but dont user your real name.
Q5 from Telegram User @CryptoZaratustra
What is LEADERBOARD on your site for? Which users can get to LEADERBOARD? What are the benefits?
BundlesFinance: Thanks Ivan. The leader board is used to bring a competitive element to the staking. If you chooe a well performing Bundle, you will appear on the leaderboard. If you win you will be immortalised on our Hall of Fame!
Q6 from Telegram User @AmirJosh
So if my Bundle lands at 4–7 place out of the 10 coins, I still can recieve more $BUND even if I have negative performance? If example, my 3 chosen cryptos lands at #1, #6, and #10 respectively, do I have a chance to outscore the Bundle that chose #4, #5, and #6?
BundlesFinance: Hi Jacob. Good question. As we are a totally new concept, it can take a while to get the idea! It took me a few days! We measure the performance of all the currencies in one Bundle. So it’s your overall performance rather than each individual coin. We measure your % portfolio improvement over the staking period.
Q7 from Telegram User @AmirJosh
It is funny reading one of your medium article that place humans slightly lower than a goldfish when it comes to attention span. Well, there are so many crypto projects especially DeFi that created everyday. For now, the attention is in $BUND / Bundles Finance, but when other projects start copying your platform it will not be unique anymore. What are your plans to make Bundle stay relevant and exciting in this field for a long time?
BundlesFinance: You again! You ask some good questions! It’s actually true that because of tech that human’s attention span is dropping rapidly… I think we will be copied as it’s a great concept (if I may say so). But I believe that the original concept and team has an advantage when other projects copy them. I already heard that there is a project launching with a similar concept. I welcome that as it shows we have done it right.
Q8 from Telegram User @ShaLiPon
Since platform has just launched 2 days ago, what are these few bugs you encountered? What solutions you made to overcome these bugs?
BundlesFinance: Good question. We have had several offers to list on a CEX. We will be following through with them and yes, in answer, we will be listing on a CEX soon.
Q9 from Telegram User @Rebel99
I understand that staking on a Bundle is sort of like predicting and betting on a cryptocurrency appreciating in prize. What happens if my selected bundle isn’t amongst the top gainers? Would I lose all my $BUND?
BundlesFinance: Thanks Rebel. You wouldn’t lose all your funds. The max you can lose is 4% of your funds. But we recommend using research to choose your bundle beforehand.
Q10 from Telegram User @Sheriff_100
You talked about LOL doing an Insurance FUND. CAN YOU ELABORATE?
BundlesFinance: Hi there. Lloyds of London brokers are brokers that innovate insurance products and divert the risk through others. We are using Paragon to find our solution.
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about Bundles Finance. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 140 BUND were distributed between the winners.
For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club Russian Telegram group: https://t.me/satoshi_club_ru Spanish Telegram group: https://t.me/satoshi_club_spanish Telegram Channel: https://t.me/satoshi_club_channel Website: https://esatoshi.club/ Twitter: https://twitter.com/esatoshiclub Our Partners: BundlesFinance?—?Discussion: https://t.me/BundlesFinanceDiscussion
