Thank you to the Bang Pateng Community for participating in Ask Me Anything (AMA) with Fancy Finance on November 5nd, 2020. This guest star Mr. Johnny. If you were unable to join the live AMA, no worries, here comes our 16th AMA recap!
We are glad to meet here:
Mr. Johnny – CEO & Co-Founder of FancyFinance
Introduction Session
Host :
Hello Mr. Johnny @JohnnyW2020 welcome in our Community🥳🥳
Jhonny :
It’s my pleasure to hold an AMA in your community.
Host :
Before we start our first session can you introduce yourself, your background and your team if you have a team working with you on Fancy Finance
Jhonny :
Yes, of course.
Hello, everyone. I am Johnny, the CEO and Co-Founder of FancyFinance. I am very happy to participate the ama of Bang PATENG community.
Our team is based in Singapre and we have lot of experience in defi area. Recently we are discovering the area of NFT> Let’s do it together.
Host :
Thanks for sharing your background, Good. AMA let’s get started
Jhonny :
OK. I am ready…
Host :
Well we will continue to the first session, in this session I will give a question about Fancy Finance, if you feel you have enough to give an answer, you can say “done”.
Question Segment 1
Host :
Q. Can you introduce FancyFinance to our community?
Jhonny :
Of course.
FancyFinance is DEFI platform supporting NFT and dynamic deflationary farming, including products such as FancyNFT, FancyVaults and FancySwap.
FancyNFT is the NFT product of FancyFinance, the platform will provide NFT farming acceleration, growth of level and trading.
FancyVaults is the vaults product of FancyFinance and supports wealth management of stablecoins like USDT, DAI, etc. At the same time, more Token
wealth management strategies including lp will be launched subsequently.
FancySwap is a decentralized exchange based on dynamic AMM algorithm.
Host :
Q. What is dynamic deflationary farming in FancyFinance?
Jhonny :
Before explaining the dynamic deflationary farming, let’s briefly review the development of DeFi industry this year.
With the rise of liquidity mining, DeFi industry has experienced explosive growth, and TVL, namely, Total Value Locked, has grown rapidly. The TVL of Defi has reached nearly US$12 billion.
A lot of projects adopting the liquidity mining model have been launched, for example, the Y series, from YFI, YFII, to YFV, and other projects like YAM, sushi and sashimi, emerging one after another.
We have observed that only a few projects with model innovation or keeping pace with market enthusiasm have achieved success due to the FOMO sentiment and interest in the new model in the market, but the Token prices of most of other projects become lower and lower, and some mining projects collapsed after only 1-2 days of
mining.
We analyzed the reason behind it and find that the reason is that most mining projects adopt the inflationary mining model. The so-called inflationary mining implies that, as time goes by, there will be more and more tokens in the market, and the selling pressure will increase.
Dynamic deflationary farming is a new mode of liquidity mining which will solve, the problem of token price.
Dynamic Deflationary mining has the following characteristics:
(1) The total amount of tokens is fixed and it will never be increased.
(2) A dynamic percentage of fee will be charged for each Token transaction including trading, for example, 1.5%.
(3) Users can stake the lp of Token to mine, and thereby they can earn the transaction fee.
(4) When the lp of a project’s token is added to the uniswap, it cannot be removed but can be traded.
In the mode of dynamic deflationary farming, amount of token will not increase but decrease because of the destroy of Token. The price of token will be more and more higher. The benefits of farmers who stake lp come from the transaction fee.
Host :
Q. What is NFT and what is the design of NFT in FancyFinance?
Jhonny :
A non-fungible token (NFT) is a special type of cryptographic token which represents something unique.
FancyFinance NFT has 6 levels (level1-level6) and each level has several kinds of tokens, the higher the level, the rarer the NFT. All the NFTs are World of Warcraft theme. It can be traded on the opensea.
At the same time, different kinds of NFT also have different functions in the acceleration of farming.
Host :
Q. saw in the FancyFinance project, you have an NFT airdrop, can you explain how it works and what are the benefits?
Jhonny :
Now FancyFinance NFT Airdrop activity is in progress. There are only 1000 NFT in this round of airdrop.
Follow the following steps and you will get a random level1 Fancy NFT.
- Join Fancy telegram : https://t.me/fancyfinance2020
- Follow Fancy Twitter : https://twitter.com/fancy_finance
- Deposit 1 USDT or 1 DAI to Vaults and you will get sUSDT or sDAI in your
address. https://fancyfinance.org/vaults.html - Fill in the form to provide your information : username and address.
http://cb2qvtih1tkc74rb.mikecrm.com/SKYUVZq
Host :
Q. What is the economic model of Fancy Finance?
Jhonny :
The token is called FANC. The total amount of FANC is 100,000, which will not be increased. There will only be destroy scenarios in the future, so the total amount of FANC will be less and less. This is the deflation farming model as I mentioned above.
A dynamic fee will be charged for each transaction of FANC, initially 1.5%. 6% of the transaction fee will be used for dev, 4% put into Reserve part and 90% for mining users who stake FANC-ETH uniswap v2 lp.
Once the ETH and FANC added into uniswap to generate lp, the lp can not be removed but can be traded.
FANC token can be used to raise the level of NFT, in this process, FANC token will be consumed. Some part of consumed FANC will be destroyed and other part will be distributed to the people who stake FANC. More detail about FANC and NFT will be revealed in future.
People can buy FANC from uniswap. FANC will be first distrubuted in the coming Liquidity Generation Event (LGE)
Host :
Q. Can you explain more about Liquidity Generation Event (LGE)?
Jhonny :
OK. FancyFinance will launch with Liquidity Generation Event (LGE), it is the start of
FANC token. It is easy to participate LGE on the Fancy website, https://fancyfinance.org/launch.html.
In the LGE, users can use ETH to invest through smart contract just like public sale. When LGE finish, all allocated ETH and all FANC tokens (100,000) will be added and locked in the Uniswap to generate lp.
Users participating in LGE can claim a certain amount of lp according to the amount of ETH they have invested. And then, Fancy farming will launch and users can stake their lp to earn FANC (from transaction fee).
The advantages of participating LGE are as follows:
- In the LGE, invest 1 ETH can get 2 ETH worth uniswap v2 lp. It is because all FANC token will be added into uniswap after LGE to generate lp. After LGE, you can also buy lp with ETH, but then, you can only get 1 ETH worth lp because half amount of ETH will be used to buy FANC from uniswap.
- After LGE, there is not single FANC token in the market, all FANC token have been added into uniswap. So there must be a lot of buy orders in the market due to the rarity of FANC. The value of lp will increase again.
The LGE of FancyFinance will launch later this week. Interested friends can join our community to wait for further announcements. Thank you.
Join us:
Telegram : https://t.me/fancyfinance2020
Discord : https://discord.com/invite/F85CZb4
Twitter : https://twitter.com/fancy_finance
Question from Twitter
Jhonny :
3 reasons.
(1) The FANC token model. Dynamic delfationary farming model, as time goes, the amount of FANC will become less and less.
(2) Solid product. We have our products like FancyNFT, FancyVaults and FancySwap. Not like other air project, our FancyVaults is already online before the token distribution.
(3) Strong Community. We have really strong communities in Aisa and Europe. You can see our telegram and twitter growth yourself.
Done
Jhonny :
Yes. There is not ICO or IEO of FancyFinance, The distribution of FANC token is liquidity generation event (LGE) as I motioned above. It is a really faily launching. After the lge, all the tokens (FANC) and allocated ETH will be put into Uniswap.
There will be not a singe FANC token in the market!The details of LGE will be published in Medium recently. The LGE will launch later this week.
Done
Jhonny :
Fancy NFTs are World of Warcraft theme. The amount of each character is limited. It is not easy to get one. So the first value of NFT is its rarity. Fancy NFT can be traded on the opensea. The second vaule of NFT is that it can be staked to speed up the mining process in FancyFinacne. I will make the farmer to get more benefits.
Done
Jhonny :
OK. Firstly, we have strong development team and solid products. FancyVaults and FancyNFT will be online before the FANC token distribution. The products are the support of the price of FANC token.
Secondly, all the codes of Fancy smart contract are open source on the ethereum chain. People who are interested can check it self. And we are also doing the audit with security company.
Done
Jhonny :
Fancy has airdrop activity, but not the FANC token airdrop, but NFT airdrop. Each NFT worth 20 usd approximately. We don’t have FANC token ourselves. It is really a fairly launching.
You have two ways to get FANC token:
(1) Attend the Liquidity Generation Launch (LGE), you have to prepare ETH to invest. After LGE, you will get lp and can start farming to get FANC.
(2) Buy on the uniswap after FANC listing.
Done
Question from Free Asking
From : @Jmagsss
Q1. side from USDT and DAI, what other stablecoin can be used in your FancyVaults?
Jhonny :
Currently, FancyVaults has usdt and dai wealth management strategy. In future more stablecoin strategies will be publised such as USDC, TUSD and GUSD. Besides, we will also have other defi token such as YFI, NEST etc. And liquidity tokens such lp and BTP will be supported either.
From : @Dmsaly14
Q2. Defi, NFT, Mining and burning are very popular right now, What steps have been taken to progress FancyFinance in the future?
Jhonny :
The steps of FancyFinance are : NFT airdrop -> LGE -> Defi Farming -> FancyVaults -> NFT level raise, gaming and accerlation, FancySwap. Done
From : @sentung5
Q3. if you guys were me? how many tokens Fancy Finance would you buy?
Jhonny :
As much as possible. 😂 Because the amout of FANC in the market will be less and less. The total amount of FANC is only 100,000. done.
From : @c2mica
Q4. Can you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team?
Jhonny :
FANC token will be distributed through Liquidity Generation Event (LGE). After LGE, all the ETH and FANC tokens will be added to uniswap. In future, FANC token will not be minted anymore. Team don’t have FANC token themselves.
From : @Grazel190
Q5. What are the benefits of holding $Fancy finance for a long term ?
Jhonny :
(1) The curculation of FANC will be less and less, so the price will raise.
(2) You can use FANC token to raise your NFT to get more rarer NFT.
(3) Staking FANC token will get FANC token from the resumption of NFT raisement. And more benefit in future …
CLOSING
Well… We declare AMA’s Series BangPateng with Fancy Finance, is Done. 🥳🥳🥳🥳
thank you to the participants who have attended this event to the end. the winners will be announced soon🥳🥳🥳
All social media:
Twitter : https://twitter.com/fancy_finance
Medium : https://medium.com/@115201314
Group and Channel:
Telegram_EN : https://t.me/fancyfinance2020
Telegram_CN : https://t.me/fancyfinance_cn
Telegram_ANN : https://t.me/fancyfinanceANNchannel
Discord : https://discord.com/invite/F85CZb4
Website : https://fancyfinance.org/