AMA Recap GreatDrop with FANCY FINANCE
Hello, GreatDrop community
Today we just finished hosting our 6th AMA’s with FANCY FINANCE on 06 November, at 10:00 AM UTC, With our guest from FANCY FINANCE:
- Johnny, CEO and Co-Founder of FANCY FINANCE
Many of you might have participated or many of not, So here we are up with the AMA transcript for those who missed the AMA session.
Introduction Questions Asked By GreatDrop Team
Q1: Can you introduce FANCY FINANCE to our community?
I am Johnny, the CEO and Co-Founder of FANCY FINANCE. I am very happy to participate in the AMA of GreatDrop.
FANCY FINANCE is DEFI platform supporting NFT and dynamic deflationary farming, including products such as FancyNFT, FancyVaults, and FancySwap.
FancyNFT is the NFT product of FANCY FINANCE, the platform will provide NFT farming acceleration, growth of the level, and trading.
FancyVaults is the vault's product of FANCY FINANCE 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 a dynamic AMM algorithm.
Q2: What is dynamic deflationary farming in FANCY FINANCE?
OK. 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 the 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 model of liquidity mining that will solve the problem of the 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 fees 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, the amount of token will not increase but decrease because of the destroy of Token. The price of the token will be more and more higher. The benefits of farmers who stake lp come from the transaction fee.
Q3: What is NFT and what is the design of NFT in FANCY FINANCE?
A non-fungible token (NFT) is a special type of cryptographic token which represents something unique.
FANCY FINANCE 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.
Q4: I saw in the FANCY FINANCE project, you have an NFT airdrop, can you explain how
it works and what are the benefits?
Now FANCY FINANCE 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 level 1 Fancy NFT:
(1) Join Fancy telegram: https://t.me/fancyfinance2020
(2) Follow Fancy Twitter: https://twitter.com/fancy_finance
(3) Deposit 1 USDT or 1 DAI to Vaults and you will get sUSDT or sDAI in your address. https://fancyfinance.org/vaults.html
(4) Fill in the form to provide your information: username and address. http://cb2qvtih1tkc74rb.mikecrm.com/SKYUVZq
Q5: What is the economic model of FANCY FINANCE?
The token of FANCY FINANCE is called FANC. The total amount of FANC is 100,000, which will not be increased.
There will only be destroyed 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 including trading, initially 1.5%.
6% of the transaction fee will be used for dev, 4% put into the 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. People can buy FANC from uniswap.
FANC token can be used to raise the level of NFT, in this process, FANC token will be consumed. Some parts of consumed FANC will be destroyed and the other parts will be distributed to the people who stake FANC. More detail about FANC and NFT will be revealed in the future.
FANC Token will be first distributed in the coming Liquidity Generation Event (LGE).
Q6: Can you explain more about Liquidity Generation Event (LGE)?
FANCY FINANCE 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. It will be launched quite soon.
In the LGE, users can use ETH to invest through a smartcontract just like a 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 who participated 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:
(1) 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.
(2) After LGE, there is not a 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 FANCY FINANCE will launch later this week. Interested friends can join our community to wait for further announcements.
Questions Asked on Twitter For FANCY FINANCE Team
Q1 from @mylhe
Aside from farming, what other ways to generate revenue in Fancy Finance? Do you plan to add features like staking , lending or mining with your token in your platform? What do you want to achieve before the end of 2020?
Aside from farming, the other way to get revenue in FANCY FINANCE is to buy some FANC token and hold. As I mentioned above, the farming model of FANC is a deflationary model, as time goes, the circulation of FANC token in the market will become less and less. So the price will rise.
Also, FANC token can be staked. FANC token can also be used to raise the level of NFT.
By the end of 2020, our plan is to make the FancyNFT most popular in the DeFi market and make FancyVaults serve as much as people as possible.
Q2 from @HendriA11938225
FANCY FINANCE, Defi Farming Protocol which supports NFT and market-based Deflation rules. What do you offer new users, so that your platform is really worth using? What features do you offer? What about the security provided?
3 reasons to choose FANCY FINANCE:
(1) Token Model. Dynamic Deflationary farming model.
(2) Solid Products. Not like another air project, Fancy’s product is already online before token distribution. There are a lot of products in the Fancy structure.
(3) Community. We have a strong community in Asia and Europe. You can see the telegram community growing fast.
The source code of the Fancy smart contract is open source and is audited by a security company.
Q3 from @y1sus_afp
FANCY FINANCE starts with Liquidity Generation Launch (LGL) and the first accepted currency is ETH. Later on other currencies will be included to generate liquidity in FANCY FINANCE? This process will take place in uniswap?
Yes. In the first round of Liquidity Generation Launch, ETH is accepted.
In the future, of course, more tokens will be included to generate liquidity, such as WBTC, DAI, or else.
This process will not take place in uniswap because It is just the liquidity generation.
After LGE, people still have to buy FANC token from uniswap.
Q4 from @andrasusin
Most of the programs on the FANCY FINANCE website such as Farm, NFT, and Swap have not been launched yet,
Then how do you make sure to us that these programs are good programs?
What are the advantages of these programs compared to similar programs owned by other projects?
The Farm and NFT programs will open soon in less than two weeks after LGE. You will see that they are excellent.
FancySwap will come behind.
The advantage of Farming is that it is the first dynamic deflationary farming model in the market, it will be the support of the token price. And the NFT will be very beautifully designed and will bring more interest to the farming process.
Q5 from @pr1ncesscrypto
FancyVaults, supports the management of companies such as USDT, DAI, Do you have a short-term goal to incorporate this management to support new and small investors?
Firstly, fancyVaults will support most of stablecoins like USDT, DAI, USDC, etc.
Secondly, more popular DeFi token will be supported such as YFI, NEST, etc.
Also, the liquidity token such as LP and BPT will be supported.
Questions Asked by our GreatDrop Community Members during live Session to FANCY FINANCE Team
Q1 from @Dmsaly14
FANCY FINANCE NFT has 6 levels (level 1-level 6) and each level has several types of tokens, the higher the level, the rarer the NFT. How do I increase the NFT? Do we have to pay if we want to increase the NFT?
You can only use FANC token to raise the level of NFT. After the process, the FANC token will be consumed, you will get a higher level of NFT. Some of the consumed FANC tokens will be destroyed and others will be given to the people who stake FANC token. High-Level NFT will also speed up the process of farming in FANCY FINANCE.
Q2 from @papaumi
What is the total supply? Are your plans to focus on the market or to grow the community?
The total supply of FANC token is only 100,000 and the amount will be less and less as the destroy occurs.
We will both focus on the market and the community. That is our advantage.
Q3 from @coolbeep
If you had to summarize the use case of FANCY FINANCE in one sentence what would it be?
The best DEFI platform supporting NFT and dynamic deflationary farming protocol in the market.
Q4 from @socsociu
Kindly explain more about your Tokenomics, Release Schedule, and UTILITY, is it inflationary or deflationary?
A dynamic fee will be charged for each transaction (including trading) of FANC, initially 1.5%.
People who stake FANC-ETH lp can do the farming to earn FANC from the transaction fee.
As time goes, the circulation of FANC token will decrease.
The distribution of FANC token will use Liquidity Generation Event (LGE), the team will have no FANC token themselves.
Q5 from @mcremin
Is this a universal project? Can every of the communities part take in the project?
Yes. people in FANCY community come from all over the world. FANCY FINANCE will also launch the Government smartcontract. So that anyone who has FANC token in hand can contribute his own suggestion.
Here are some important links of FANCY FINANCE:
TELEGRAM GROUP: https://t.me/fancyfinance2020
TELEGRAM CHANNEL: https://t.me/fancyfinanceANNchannel