Dec 10, 2020
AMA RECAP — Whale Blockchain Enthusiast with DeFiBench
On 10th December 2020, DeFiBench conducted an AMA in the Whale Blockchain Enthusiast. Our guest is Mehul (Mike) Patel, CEO of DeFiBench.
Lots of questions as usual from the Community about DeFiBench progress. The DeFiBench team took part in a very interesting AMA session which included Project introduction, Questions from twitter, and a live AMA session with the Whale Blockchain Enthusiast community. If you missed the AMA in person, read this recap for a deeper insight into DeFiBench.
Let’s take a look at the most interesting points of our conversation.
🐳 Segment 1: Project introduction
Could you please introduce yourself and introduce DeFiBench to our community?
Mike Patel: Hi Guys. I am Mehul (Mike) Patel, the Founder and CEO of DeFiBench. https://defibench.com/ I have grown and exited several internet ventures from India to Silicon Valley since the year 2000. I have been rated as one of the Top 100 Digital Influencers in Asia by Pinstorm.
I have hosted multiple Blockchain panels at the World Economic Forum at Davos, Switzerland over the past 3 years. I have been one of the few Indians invited to the biggest global Blockchain and Cryptocurrency conferences (as a keynote speaker and a moderator), including the Transylvania Crypto Conference, World Blockchain Summit, Serbian Blockchain Summit and many more.
Twitter and Linkedin Profile-
https://www.linkedin.com/in/themehulpatel
https://twitter.com/TheMehulPatel
The DeFiBench team is a great mix of highly experienced individuals from backgrounds in financial technology, electronic markets, product design and developer platforms.
DEFIBENCH is a one stop shop for DeFi with several elements which are crucial to decentralised tokens and users of those. It consists of:
EDDASWAP — our Decentralized Exchange
Decentralised Asset Management (Including staking in the EDDA Vault and EDDA LP Vault)
An NFT and Digital Art platform
Our Decentralized Launchpad
At the core of this ecosystem will be DeFiBench’s native token, EDDA. Holding the EDDA token will enable you to profit from all of the above elements of DEFIBENCH.
What kind of products and services does DeFiBench offer the community/users/investors?
Mike Patel: DeFiBench offers ‘one-click’ DeFi on our decentralized platforms, which focus on usability and simplicity for anyone and everyone. Our platforms include:
• Decentralized Asset Management
Users can deposit their crypto assets into DeFiBench’s Vaults for automated yield optimization, or into DeFiBench’s Gain platform to earn interest. The fees generated through these platforms will be distributed to EDDA Token holders.
Our platform will also allow EDDA staking.
• NFT Platform
DeFiBench has partnered with leading motion graphic designers and 3D artists such as Primal Cypher to create a specially curated collection of digital art and NFTs that will be exclusively accessible to EDDA Token holders.
You can view our most recent NFT previews dedicated to the founder of Binance, CZ — https://www.youtube.com/watch?v=9SrJUdVEz4w&t=3s
And the founder of YFI and KP3R Andre Cronje — https://www.youtube.com/watch?v=9SrJUdVEz4w&t=3s
• EDDASwap DEX
EDDASwap will facilitate permission-less listing and trading of crypto assets across blockchains such as Ethereum, with added security features such as Liquidity Lock. A part of the trading fees generated on EDDASwap will be distributed to EDDA Token holders.
• Decentralized Launchpad
The Decentralized Launchpad will allow crypto projects to raise
capital in a decentralized manner, and will provide EDDA Token
holders the opportunity to purchase tokens at seed valuations.
The public sale of $EDDA tokens is live. Can you detail the Public sale? like how to invest and what is the minimum to invest?
Mike Patel: To participate, log on to https://ito.defibench.com
The minimum contribution per wallet is 0.1 ETH and maximum is 25 ETH. The price of 1 EDDA is 1.25 ETH.
Even our Public Sale, URL / Link and the contract is fully audited!
At the Core of the DeFiBench ecosystem is the $EDDA token. Can you explain the tokenomics of the $EDDA token?
Mike Patel: The total EDDA Token supply is 5000. It is not possible to mint more tokens and increase the supply
The breakup is as follows:
• 65% (3250 EDDA Tokens) allocated towards the public sale
• 10% (500 EDDA Tokens) allocated towards the EDDA Vault rewards for users staking their EDDA tokens
• 10% (500 EDDA Tokens) allocated towards the EDDA LP (Liquidity Provider) Vault rewards for users providing liquidity to the EDDA/ETH Pair and staking their LP Tokens
• 5% (250 EDDA Tokens) allocated towards the liquidity fund (liquidity will be locked)
• 5% (250 EDDA Tokens) allocated towards the development and ecosystem fund
• 5% (250 EDDA Tokens) allocated towards the entire DeFiBench founding team (which will be locked)
Our Token Supply is the lowest in the Crypto and DeFi Space globally I believe 😊
Once the public sale is over, what steps will DeFiBench take in the future?
Mike Patel: Within 7 days of the end of the public sale, the EDDA Tokens will be distributed to all the participants.
Immediately after this, EDDA will be listed and tradeable.
Upon listing, the Decentralized Asset Management and NFT Platforms will be live.
After this, EDDA will look to list on centralized exchanges and begin to launch the remaining platforms according to our roadmap.
🐳Segment 2: Questions from the Twitter
Question from @RahulJayaraj9
What makes EDDASWAP differ from other exchange like Uniswap and all?Due to permission less listing in EDDASWAP,How will you manage to avoid scam tokens listing on EDDASWAP?
Mike Patel: Our priority for EDDASwap is to eliminate such risks, and provide users a completely secure trading environment. To this end, EDDASwap will implement “Liquidity Lock”, an optional feature whereby anyone that lists their token onto EDDASwap will have the ability to lock in the liquidity for the token for a designated period of time. Every project that wishes to legitimise themselves would be able to make use of this feature to create trust, and provide token buyers complete security.
In EDDASwap, part of the trading fees generated will be retained and used to automatically market-buy EDDA Tokens, that will then be distributed to EDDA Token holders. Therefore, as EDDASwap grows and trading volume increases, the EDDA Token holders will be the ultimate beneficiaries.
Question from @Jupiter_Ji
How do you plan to promote DeFiBench NFTs? Are there any certain requirements for users who want to buy and sell their NFTs in that marketplace?
Mike Patel: DeFiBench is not an NFT Marketplace like Rarible, Nifty, etc. This was a conscious decision by the team.
All of our NFTs are being minted by famous NFT artists.
We believe that content is the king. Similar to how Netflix creates its own content we have chosen to create our exclusive NFTs which can be only availed by staking EDDA on our NFT Platform. Hence, making them initially exclusive to EDDA Token Holders. EDDA users can then go ahead and sell these NFTs at high prices at famous NFT Marketplaces.
We have partnered with leading motion graphic designers and 3D artists such as Primal Cypher to create a specially curated collection of digital art and NFTs.
You can view our most recent NFT previews dedicated to the founder of Binance, CZ — https://www.youtube.com/watch?v=9SrJUdVEz4w&t=3s
And the founder of YFI and KP3R Andre Cronje — https://www.youtube.com/watch?v=9SrJUdVEz4w&t=3s
Question from @ApaguJohan
What is the advantage of creating an NFT picture with the help of your service, compared to competitors? Why should I, as a user, choose you?
Mike Patel: DeFiBench is not an NFT Marketplace like Rarible, Nifty, etc. This was a conscious decision by the team. We are not helping users to create NFTs. We have a dedicated team to create exclusive NFTs with leading global artists such as Primal Cypher and many others.
These NFTs will be exclusively accessible to EDDA Token holders only.
Question from @y1sus_afp
How high will be the interest I will be able to generate when depositing my assets in DeFiBench’s Gain? Are cryptographic assets automatically assigned between loan protocols such as Compound and Aave? What are the benefits of these two protocols?
Mike Patel: The interest generated will be different for each crypto asset, and will vary from day to day depending on the fluctuations in the lending protocols. Users will get a better idea of the returns when we release the Mainnet of the Decentralized Asset Management platform before the end of the year. The interest rate generated will be displayed and updated dynamically.
Yes, the Gain platform will automatically allocate the crypto assets between the lending protocols to achieve the highest interest rate.
The benefits of DeFi protocols such as Compound and Aave are that they allow users to engage in decentralized and permission-less lending and borrowing of crypto assets to generate interest.
Question from @Athif18867738
Can you tell us what are the main benefits of a $EDDA token holder? For investment purposes, why do we have to invest in $EDDA & what benefits does $EDDA give to holders?
Mike Patel: We plan to build a strong community globally and revolutionize the DeFi space with rock solid deliverables and transparency.
Our contract has also been audited and the audit report states it is well secured.
Audit report- https://drive.google.com/file/d/1RDLV58aOmHsfj0Cy5ABS6NHHFe0tbkLh/view?usp=sharing
The $EDDA Token is at the heart of the DeFiBench ecosystem.
DeFiBench has 4 key platforms:
• Decentralized Asset Management (Vaults + Gain platform)
• NFT Platform
• DEX
• Decentralized Launchpad
Edda Token Use Cases and Benefits:
1000 tokens will be distributed for free to EDDA Token Holders and Liquidity Providers. Let us understand how — To earn the high yield of the EDDA vault or the EDDA LP vault you can either stake EDDA Tokens or provide liquidity to the EDDA/ETH Pair and stake the EDDA LP Tokens. The total rewards to be distributed in the EDDA Vault and EDDA LP Vault add up to 20% of the total EDDA Supply, which is 1000 tokens!
Only EDDA Token holders can avail our exclusive NFTs by staking their EDDA tokens on our NFT platform.
Only EDDA Token holders can provide funds to projects on the Decentralized Launchpad to support other DeFi Start-ups.
🐳Segment 3 : Free Asking / Live Questions
Telegram User @Gupalerma
Where do I get information about your team? Why do you prefer to be anonymous? Do you have a plan to identify your team later?
Mike Patel: Hi Gupaler, We have a completely public facing team. Our social media links and details about our team are available on our website since day 1! www.defibench.com
Telegram User @Aiircon
Which area are you focusing on at the moment? (DeFi, Stake,Dapps..) and what is your goals in this year ?
Mike Patel: Hi Sala, we we are currently focusing according to our roadmap. Our focus till the end of the year is on Decentralized Asset Management Platform and the NFT Platform. And of course, completing the token sale.
Telegram User @xwidex
what is the maximum supply amount of DefiBench? Does DefiBench have a buyback / burning program ?
Mike Patel: Hi ViruZ, The maximum supply of our token, EDDA, is only 5000. There is no burning program, as the total supply will never increase, ensuring there is no inflation.
Telegram User @Duppy360
DOES THE TOKEN HAVE A MINT FUNCTION?
Mike Patel: No, the token does not have a mint function that would increase the supply. We have a 5000 token supply and that will never change. Our audit report seconds this.
Telegram User @Eliasbb
Why should i trust your project? We don’t know anything about your team members? Even you don’t have any roadmap or white paper! So, it confusing that where you wanted to take this project?
Mike Patel: We have a public facing team where team members are established. Our roadmap is also public since day one as you can see on the website — www.defibench.com ..
We also have the mainnet of our decentralized asset management platform’s beta version rolling out very soon. We have already commissioned top global NFT Artists for our NFT Platform such as Primal Cypher — https://twitter.com/primal_cypher/status/1334225087483011075.
You can view our most recent NFT previews dedicated to the founder of Binance, CZ — https://www.youtube.com/watch?v=9SrJUdVEz4w&t=3s
And the founder of YFI and KP3R Andre Cronje — https://www.youtube.com/watch?v=9SrJUdVEz4w&t=3s
Thank you for answering all questions and thank you also for introducing the DeFiBench to our community. Before ending AMA, is there anything to say to the Whale Blockchain Enthusiast community. Before I opened the chat again. 🐳
Mike Patel: Thank you Richard for the opportunity to explain our vision, we welcome everyone here to send us more questions to our community group — https://t.me/DeFiBench
For more information and future AMA, join our Social Media channels:
🐳 Whale Blockchain Enthusiast Group: https://t.me/WBEcommunity
🐳 WBE News: https://t.me/WBEnews
🐳 WBE Twitter: https://twitter.com/WhaleBlockchain
More information on DeFiBench:
🔸Website: https://defibench.com/
🔸Telegram Community: https://t.me/DeFiBench
🔸Telegram ANN: https://t.me/DeFiBench_Official
🔸Twitter: https://twitter.com/defibench
🔸Token Sale Participation: https://ito.defibench.com/
