Post-Christmas AMA brought us a lot of food for mind. And today we would like to tell you about the AMA session with our friends from Drift.finance. The AMA took place on December 26 and our guest was Lord Nami.
The total reward pool was 500$ and has been splitted in 3 parts.
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
GoldRocket: We are delighted to welcome our guests from Drift.finance.:blush:
D. | Satoshi Club: hello Satoshi Club! Merry Christmas!
Lord Nami: Hello everyone, Thanks for having me here
D. | Satoshi Club: let’s begin with intro, tell us a few words about yourself and about Drift.finance:blush:
Lord Nami: So my background is full stack dev.
Drift finance is a token that combine many other tokens successfuly feature. like RFI frictionless yield farming + SAV3 LP lock, $TRI liquidity connector, $PRIA buy bonus/sell penalty, $NAMI farm. ITS buy back pressure every hours and other original idea such as dynamic fees.
GoldRocket: That sounds good!
D. | Satoshi Club: nice diversity! so you took the best parts from all these projects and combined in drift.finance?
Lord Nami: Yes, and adding new features too that has dynamic fees based on liquidity. Let me explain some of the features of drift
1. Frictionless Yield Farming
1.5% of every DRF transaction is distributed to all DRF holders directly to their wallets.
This means you can buy the token and hold, your wallet balance will automatically increase by doing nothing.
2. Automatic Liquidity Generation
0.5 % of every DRF transaction is used to build the liquidity of DRF-ETH uniswap pool.
This means eventually we will have enough liquidity that is not owned by anyone, which ensure liquidity for trading.
3. Reward & Penalty
Buyers receive 4% buy bonus reward, sellers pay 2% sell penalty.
This means we reward buyers and holders.
4. Dynamic Fees
Fees are adjusted automatically based on liquidity state (Normal, Drift, Brake).
This means tax will be adjusted when liquidity is low to increase the liquidity.
5. Constant Buy Pressure
Contract will buy back DRF every hour using rebalance function.
6. Deflationary Token
Everytime buy back occurs, it will burn and lock received DRF.
This will make the total supply low. right now 19% of total supply already burned.
7. Partner Liquidity Connector
Ability to generate liquidity for DRF-PARTNER and generate rewards for LPs.
This will enable drift to partner with other project and bring more values to both tokens holders.
Thats it the features for now.
D. | Satoshi Club: good opportunitie to earn a passive income:ok_hand:
Lord Nami: You are correct. It’s a nice way to earn passive income.
D. | Satoshi Club: no mercy for sellers as i understand?:smile:
Lord Nami: Yes, we encourage buyers to hold, and earn them nice amount of interest.
Q1 from Telegram user @ovkneze_big
Explain, please, I do not quite understand what it means “it will burn and lock received DRF.” I thought that if a token is burned, then it does not need to be locked?
Lord Nami: I see, so burn in DRF means the amount of token will be locked forever inside the contract and cannot be owned by anyone.
The reason it’s not sent into burn address is to prevent burn address balance to grow by receiving yield from transactions.
Remember, that in DRF wallet balance is increased by its self, so we don’t want the burn address receive most of the interest.
We want the holders receive the full interests.
I hope that clears the lock meaning
GoldRocket: This is an unusual system. How did you get the idea for this?:wink:
Lord Nami: I am just thinking for the benefit of the DRF holders, we don’t want burn address balance increase and taking passive income from DRF holders. In the sense it’s the same
the token can’t be owned by anyone when it’s burned.
Q2 from Telegram user @konditer_rolex
Is it true that this is your third project this year? What happened to the previous projects? I am sure that you have gained experience, but I want to know what this experience was. Did you make many mistakes?
Lord Nami: Yes, the previous projects still running. I incorporate them into DRIFT finance too, so they can use their tokens to farm DRF. DVD finance is still earning passive income too in form of dividend.
D. | Satoshi Club: so now are you CEO of all three projects?:grin:
Lord Nami: You can say that, but in defi we don’t have “real” CEO right, since it’s decentralized and community driven.
D. | Satoshi Club: yep. tell as a bit about your team? are you working always with same people? from project to project?
GoldRocket: Amazing way!:+1:tell us about your team of like-minded people?
Lord Nami: Yes, currently the dev is myself, and my team is me with my community mods, many of thems are from mods from my previous projects.
they give me great inputs about the tokenomics and what do people want in the project, so i adjust and hear from their opinons.
They also suggest to do satoshi AMA, so here we are
GoldRocket: How many people are on this team?
Lord Nami: 8 people
Q3 from Telegram user @yellowchamp
As one of your feature which is a Fair Launch which stated “Not a clone, No presale, Circulating from 0. Buy on launch has limits to prevent bots”can you elaborate more about this statement? If the circulating supply is from zero, is there any possibility that your token will be deflationary ? If there is no presale ,how will you possibly get funds for liquidity for exchange listing? If you’re not a clone, what makes Drift Finance unique among other platforms? As an investor, how worth it to spend and invest money with your platform? Thank you!
Lord Nami: Yes the token is deflationary since the protocol will buy back DRF from market and burn it.
The liquidity is provided by people who farm DRF token.
Yes, the thing that make it’s unique is the combination of many of the features that we have discussed in previous AMA questions.
As investor you can get buy bonus by just buying on uniswap, and earn passive income just by holding.
Hope that answer the question.
GoldRocket: Thanks! Btw tell us please about your tokenomics. For example, how many tokens does the team own?
Lord Nami: The total max supply is 10 millions DRF.
Right now the circulating tokens is around 4 millions (40%) DRF.
1.9 millions (19%) DRF is already burned and cannot circulate anymore.
Team join the live sale just same with everyone else since it’s fair launch.
but there is 500,000 DRF (5%) allocated for marketing.
But to quote from the original tokenomics page:
Total supply is 10,000,000 DRF. Circulating starts at 0.
4,000,000 DRF for live sale supply.
3,000,000 DRF for farming rewards.
2,000,000 DRF for LP supply to provide liquidity.
500,000 DRF allocated for marketing.
500,000 DRF allocated for principal, and it’s yield is used to reward LP provider when partnership occur. This principal is not owned by anyone.
hope thats answer the question.
D. | Satoshi Club: got it! and when we can see DRF on other exchanges, except Uni? perhaps are you planning to work with some CEX exchanges?
Lord Nami: Sure, we are open to expand to other exchanges.
GoldRocket: can you share which ones are in your field of vision? If this is not a top secret
Lord Nami: Right now our current goal is to create more exposure about drift by doing AMA and youtube campaign.
We haven’t contact the exchange though, but will definitely put that on list.
GoldRocket: This is a very correct strategy! By the way, share some useful links for our community! :pray:
Lord Nami: Website: https://drift.finance
Contract: https://etherscan.io/address/0xe5E81B3C76491898e647dEf755c8CA3e49d315Aa
Dextools: https://www.dextools.io/app/uniswap/pair-explorer/0xcbf00c846d3c28babfe65e7dadfd48eb92ee85e6
UniSwap: https://app.uniswap.org/#/swap?outputCurrency=0x2a834c4D2D50CAFdCA530211581165026Ee49AB9
Twitter: https://twitter.com/DriftFinance
Q4 from Telegram user @Highpee
Drift finance have 3 liquidity state: normal drift, brake drift and stake drift. Tax and Yield for each state are automatic and may also be different. What is the uniqueness of each liquidity state? At what point will the protocol add liquidity and what factors determine the tax in each liquidity state?
Lord Nami: The uniqueness of the liquidity state is the dynamic fee, so for example when the liquidity is low, the protocol can automatically adjust to distribute the transaction fee more to liquidity, so the token will have healthy liquidity for everyone to trade. The protocol will add liquidity every hour when rebalance is executed.
hope thats answer it
Q5 from Telegram user @Brainchest
We all know that liquidity pools have the disadvantage of non-permanent losses. Do You have a solution for this and if so how does this solution work? It is very important
Lord Nami: Yes, the solution for this currently is using the transaction fee to add the liquidity, so that liquidity is hold by contract and not owned by anyone.
Eventually, the people can trade even there is no one provide liquidity on uniswap, since the contract will not withdraw it’s LP.
Hope thats answer it, let’s we proceed to next question
Q6 from Telegram user @zaferce
How is the limit rate for withdrawing bet LP tokens set and how will taxation be charged when we claim our rewards?
Lord Nami: The limit rate for withdrawal is 10% per day if you are staking LP using the website, it’s compensated with DRF farming.
The LP in the website is to provide initial liquidity and stability, eventually the contract will have it’s own liquidity from tx fee (since it’s one of core DRF feature).
The tax is 10% when claim DRF rewards from DRF farm.
However, the tax it’s self actually can be claimable using tokens from drift.finance sibling projects ($NAMI tsunami.finance and $DVD dvd.finance)
Part 2?—?live questions from the Telegram community
Q1 from Telegram user @Alika061
what percentage can I get from that Frictionless Yield Farm to my wallet which holds $DRF tokens and what about the percentage with automatic liquidity earnings to build uniswap DRF-ETH pool liquidity then where can I buy $DRF tokens #DriftFinance ?
Lord Nami: You just hold and earn 1.5% from each tx. Your wallet balance increase instantly. You can buy $DRF using uniswap. Go to https://drift.finance website and click buy button on top right of the screen.
Q2 from Telegram user @Spott
Explain to us about DRIFT.FINANCE dynamic fees ?
Lord Nami: The dynamic fees is based on liqudity state, when liquidity is low, the protocol will distribute more tx fees to build liquidity.
Q3 from Telegram user @AmirJosh
$DRF tokeholders can just hold and earn . When will be the distribution of rewards takes place. Will it be daily distributed?
Lord Nami: It distributed every transactions. Try and buy it, and see your wallet balance increase every time, enjoy passive income.
Q4 from Telegram user @Jonahapagu
In your Contract there is a rebalance function to buy back DRF every hour… How is the amount of DRF to be bought back by this function determined.. does this happen at exact same time every hour, what happens each time this rebalance function is triggered.. and what happens to all the Bought back DRF tokens .
Lord Nami: There is countdown in the website when the rebalance function is available. The bought back tokens is burned meaning it will be out of the circulation. Less supply will make it’s scarce and increase the value.
Q5 from Telegram user @NataliyaKil
All DRF holders receive passive income. How is it calculated, what does it depend on and can I delegate this opportunity to someone: a relative or a friend, having sent him my DRF?
Lord Nami: It’s calculated by having 1.5% fee on each tx, Yes you can send DRF to friends as xmas gift and tell them they will earn passive income as the balance will grow by it’s self.
Q6 from Telegram user @phule13141912
Will 1.5% of every DRF transaction is distributed to all DRF holders or only among those who made the transaction? And Can the proportion of holders receiving tokens increase further with the number of people joining in DRF ecosystem??
Lord Nami: It will be distributed to all holders depending on your balance, the higher your balance, the higher your passive income will be.
Q7 from Telegram user @Xusuo
as i know from yield farming project is having big weakness.That is farm project isnt sustainable because most farmer after getting reward, they will only sell,sell, and sell which make the price down.So how is Drift Finance handle this kind of problem?
Lord Nami: There is incentive to hold, you can earn passive income just by holding.
Q8 from Telegram user @alyaakin
Right now do you partners in your DRF-PARTNER project to generate more liquidity?
Lord Nami: We are approaching few other projects right now to do partnership
Q9 from Telegram user @smelekin
How can I earn DRF without staking any coins? How is it possible to get DRF coins with just holding it?
Lord Nami: Yes, you just buy on uniswap and hold it, you will earn DRF coins magically in your wallet.
Q10 from Telegram user @A5loveZ3
What is your favorite car for drift?
Lord Nami: ae86 haha thats bonus question
Part 3?—?Quiz Results
In the final part we tested your knowledge in terms of Drift.finance. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.
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