Thank you to the Bang Pateng Community for participating in Ask Me Anything (AMA) with DefiBench Time on December 15th, 2020. This guest star Mr. Mehul (Mike) Patel. If you were unable to join the live AMA, no worries, here comes our 28th AMA recap!
We are glad to meet here:
Mr. Mehul (Mike) Patel | CEO DefiBench
Introduction Session
Host :
Hello @TheMehulPatel Welcome to the Bang Pateng community, It’s an honor to invite you to our community
Mehul (Mike) Patel :
Excited to be here with Bang Pateng 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 DefiBench @michaelholdmann
Mehul (Mike) Patel :
I am Mehul (Mike) Patel, the Founder and CEO of DeFiBench. Short overview on my background: I have grown and exited several internet ventures from India to Silicon Valley since the year 2000 and have been rated as one of the Top 100 Digital Influencers in Asia by Bennett Coleman & Pinstorm.
I have hosted multiple Blockchain panels at the World Economic Forum at Davos, Switzerland over the past 3 years and was one of the few Indians invited to the biggest global Blockchain and Cryptocurrency conferences since 2015.
I have established and exited luxury consulting company that worked with global brands such as Jaguar, BMW, Moët Hennessy Louis Vuitton (LVMH), Audi, and Remy Martin
In Year 2000 I was professionally engaged by NewsCorp Asia to build and launch a first of its kind “Wireless Application Protocol (WAP)” portal for their Asian youth channel “V”.
In a nutshell I have been around for a while.
Host :
Thanks for sharing your background. Good. AMA let’s get started. Well we will continue to the first session, in this session I will give a question about DefiBench, if you feel you have enough to give an answer, you can say “done”.
SESI 1 (Poject Introduction)
Q1. Can you introduce DeFiBench to our community?
Mehul (Mike) Patel :
I have already answered this question in detail above. Here you go again 🙂
DeFiBench is an ecosystem of DeFi applications. We created a one stop shop for DeFi with several key elements
We have:
Decentralised Asset Management which includes Yield Farming, Staking and more.
An NFT and Digital Art platform
Decentralized Launchpad
EDDASWAP – our decentralized Exchange
At the core of this entire ecosystem is DeFiBench’s native token, EDDA.
Holding the EDDA token will enable you to profit from ALL of the above elements of DeFiBench.
So you don’t have to put all your eggs in one basket!
We basically have many different elements on our platform, which are very well planned and being executed for the past few months. We are confident all will be profitable for EDDA token holders and at the same time provide great benefit to users of our platform in general, no matter which area of DeFi you are excited about!
And the best thing is, many elements of our platform are already live in testnet and going in to auditing and main-net immediately after that!
You can actually use our Decentralised Asset Management and NFT platform as soon as EDDA is listed and tradeable.
Q2. What are the core features of DeFiBench? How are you different and unique from all other projects out there?
Mehul (Mike) Patel :
Our token contract has already been audited! The audit report states it is well secured. Our auditors also assure in their report that the 5000 token supply can’t be increased.
Audit report – https://drive.google.com/file/d/1_MpLvdjT9qvw6SbfHmcfZ4dslHL034ZU/view?usp=sharing
This low token supply also ensures that each token will continue to have quite a high value and hence getting in during the public sale is a great move. We also have a legit, public facing team which can be seen here – https://defibench.com/#our-team and this is very rare in DeFi projects. Our team is highly experiences in the crypto industry.
Q3. I saw that DeFiBench has its token named $EDDA, can you explain what the token is $EDDA? What benefits can we get if we hold tokens $EDDA? And how to buy?
Mehul (Mike) Patel :
The EDDA name comes from Norse mythology and it is a collection of nordic prose and poems. We were inspired by these.
EDDA tokens can only be bought via the official EDDA Token sale – https://ito.defibench.com/
The $EDDA Token is the native token and is at the heart of the DeFiBench Ecosystem. EDDA Token holders will benefit via every dApp of the ecosystem
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.
- EDDA Holders will also get a share of the transaction fees generated on the EDDASwap DEX
EDDA Tokens have a 5000 maximum token supply that will never change. The same can verified in our smart contract which is already audited.
Q4. Nowadays Farming or staking is very popular. Have you provided your Farming or Staking Facility to $EDDA Investors? if you have, can you explain how to staking and farming $EDDA?
Mehul (Mike) Patel :
We have extensive staking mechanisms as explained above. These will be vaults as a part of our decentralized asset management platform which will be live upon listing.
The EDDA Vault is where EDDA Token holders can stake their EDDA Tokens and 10% of the total EDDA Supply (500 tokens) will be distributed as rewards over 2 months after listing.
The EDDA LP Vault is where EDDA LP Tokens (earnt by providing liquidity to the EDDA/ETH pair) can be staked. Again 10% of the total EDDA Supply (500 tokens) will be distributed as rewards over 2 months after listing.
You can deposit your crypto assets into DeFiBench’s Vaults for automated yield optimization. There is no lock-in period, and you can withdraw your crypto assets whenever required. Upon withdrawal, a 0.5% management fee is deducted from your principal, and a 5% performance fee is deducted from the yield generated, and these fees are distributed to EDDA Token holders.
Then we have the Lending element, too. You can deposit your crypto assets into DeFiBench’s Gain platform to earn interest. A 0.5% management fee is deducted when users withdraw their crypto assets from the Gain platform, which is distributed to EDDA Token holders. So in the end, EDDA token holders are benefiting from every single transaction on the platform in some way or form.
Q5. Could you please explain, what are your upcoming plans in a couple of month/years?
Mehul (Mike) Patel :
You can see our roadmap which shows our path ahead and we are proud to tell you that we are on track to complete the roadmap in time – https://defibench.com/#defi-roadmap
Once our token sale ends, upon listing we will go live with the audited NFT and Decentralized Asset Management platform. Both of which are currently in final testing stage and are migrating from testnet to mainnet.
After that we focus on the decentralized exchange (EDDASwap) and Decentralized Launchpad followed by governance.
We constantly keep enhancing all of these dApps and stay in line with the growing trends of the DeFi and NFT Space.
SESI 2 (Twitter Question)
Mehul (Mike) Patel :
We are a completely self-funded venture till now. This was conceptualised in June and development began in July again this can be seen in our roadmap – https://defibench.com/#defi-roadmap
Once our token sale is completed we will possess the capital to ensure high quality execution of our vision.
Mehul (Mike) Patel :
First of all we have a DEX not an AMM and it is called EDDASwap and not ‘Fair Swap’. Hmm, this may be a little long. Please bear with me.
Our priority for EDDASwap is to eliminate risks, and provide users a completely secure trading environment. EDDASwap has “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.
Not many decentralised exchanges are fully audited by a third party. Security for users is the most important thing. EDDAswap is just part of what we do. Decentralized Asset Management, an NFT platform and a fully decentralised launchpad. Our governance is very robust and you will not only be able to decide about economic aspects but also technical aspects.
DEXs reward LPs by distributing to them the trading fees generated by the DEX. In many existing DEXs, a percentage of these trading fees are retained from the liquidity providers, and distributed to the creators of the DEX.
However, in EDDASwap, this fraction of trading fees that will be 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.
Mehul (Mike) Patel :
Our token smart contract has already been audited – https://drive.google.com/file/d/1_MpLvdjT9qvw6SbfHmcfZ4dslHL034ZU/view?usp=sharing
The security and safety aspect of our DEX has been explained above in detail.
We also aim to bring in more security experts in-house to ensure complete security and safety of the DeFiBench dApps. We will also Ensure a thorough audit of every smart contract for every dApp of the DeFiBench Ecosystem by our audit partners – hackcontrol.org before they are launched.
Mehul (Mike) Patel :
$EDDA Token is at the heart of the DeFiBench ecosystem. It is the native token and ONLY Token which is a part of the ecosystem. You can see EDDA benefits and advantaged below. EDDA Token holders benefit from literally every action on every platform in the DeFiBench ecosystem.
Edda Token has many 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.
EDDA Holders will also get a share of the transaction fees generated on the EDDASwap DEX
Mehul (Mike) Patel :
As a decentralized venture, DeFiBench doesn’t believe in borders or discrimination, our platforms are accessible to everyone all over the world! We are individually reaching to several regions such as the Asian communities. This is mainly via AMAs in such communities just how we are doing an AMA in this group right now. We also write about DeFiBench in local publications.
SESI 3 (Telegram Question)
@Uci000
How will farm exclusive NFT work on DefiBench Gain platform? What other unique yield and lending features will be available to EDDA token holders?
DeFiBench recently announced a partnership with HackControl. What security aspects did Hackcontrol provide you with? What do you expect from this collaboration in the future?
Latov Fury :
You can simply stake your EDDA Tokens or your EDDA LP Tokens in our NFT Platform and farm NFTs in return. We have our decentralized asset management platform which allows you to engage in yield optimisation using our vault and gain platforms. We announced a partnership with HackControl as they are our audit partners. They are a fork of hacken and have already audited the EDDA Contract as seen above. We will ensure audit of all platforms before they are launched as security is a priority.
@Eiadayfick :
What is your strategy for building a strong community? Do you agree that the power of the community will lead your project to develop globally? What services do you provide to the community?
Latov Fury :
Community is very, very important for us! The DeFiBench community will be able to contribute by governing the ecosystem. Our governance system will not only be restricted to economic aspects, but will allow our community the ability to govern the entire DeFiBench ecosystem and every platform element. We cannot repeat this often enough: DeFiBench will be completely decentralized once the Governance system is rolled out.
@uba23 :
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?
Latov Fury :
To participate in the EDDA Token Sale, log on to : https://ito.defibench.com
The minimum investment amount is 0.1 ETH. The maximum investment amount is 25 ETH, equivalent to 20 EDDA.
@starshades007 :
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 :
$EDDA Token is at the heart of the DeFiBench ecosystem. It is the native token and ONLY Token which is a part of the ecosystem. You can see EDDA benefits and advantaged below. EDDA Token holders benefit from literally every action on every platform in the DeFiBench ecosystem.
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.
- EDDA Holders will also get a share of the transaction fees generated on the EDDASwap DEX.
@Loversss10 :
As we know , many blockchain/cryptocurrency projects are not solving any real problem, they just exist to sell their tokens. What problems exactly is Defibench solving, and solutions are you provide?
Latov Fury :
We are a one-click DeFi Ecosystem. We are making DeFi inclusive and accessible by all. All of our platforms can be easily accessed by a DeFi Degen or even a layman as it is very easy to use. We believe that $EDDA can #DeFi The World.
CLOSING
Well… We declare AMA’s Series Bang Pateng with DefiBench, is Done. 🥳🥳🥳🥳
thank you to the participants who have attended this event to the end. the winners will be announced soon🥳🥳🥳
Social media
📍 Twitter : https://twitter.com/DeFiBench
📍 Telegram Chat: https://t.me/DeFiBench
📍 Telegram News : https://t.me/DeFiBench_Official
📍 Website: https://defibench.com
📍 EDDA Public Sale : http://ito.defibench.com