Hello, GreatDrop community,
Today we just hosted our 3rd AMA with JUGGERNAUT DeFi on November 4th, at 09:00 AM (16:00 WIB). With our guest from JUGGERNAUT DeFi team:
- Nacho Llanillo , Co-Founder
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 please introduce yourselves and tell us about your project to our community?
I’m Nacho, from Spain. I live in a city right in the south, called Malaga. While I was studying for my bachelor's at the University of Malaga, I found blockchain and cryptocurrencies, and I started learning everything I could about them.
I helped launch many different projects. I’ve helped IOST reach the top 20 marketcap of all crypto projects, I’ve worked for NuCypher, for Skrumble Network, and many more.
In short, JUGGERNAUT is building a DEFI + NFT infrastructure. I believe that DEFI (Decentralized Finance) is the next big thing in crypto, because blockchain technology has many natural advantages over traditional finance, and there are a lot of reasons to make the change! NFT is one of the reasons. Simply put, NFT is looking to digitize and tokenize many real-life items.
JUGGERNAUT is designed to make DeFi and NFTs simple and easy to use for any business use-case. The JAGGERNAUT mission is to help anyone that thinks of a business idea to add customized DeFi and NFTs into its components.
Q2: What kind of achievement your project has made so far and what target your project want to achieve in the next year?
We have been listed on Gate.io (a top 20 exchange in crypto), where we conducted a small IEO. We have released our first version of our new assets marketplace, JuggerSWAP, that right now has some interesting Yield Farming opportunities. We are close to releasing our NFT marketplace, with an awesome Genesis Collection of unique NFTs.
In the next year, we’d like to expand our NFT offerings, improve our tech, and partner with different companies around the world to improve their business model with the use of DeFi and NFT.
Q3: How can we get NFT from Juggernaut?
We use a token that we call jXP. It is like experience points in videogames. You can stake JGN (our token) and get jXP in return. Once you have enough jXP for the NFT you like, you can exchange them and receive the NFT card.
There’s a limited number of cards. For example, the highest tier is called God-Mode, and there are only 5 cards. Later the cards will be sold on platforms like OpeanSea.
Here’s a sneak peek:
Q4: Can you share JUGGERNAUT vision for DeFi? What features are built into Juggernaut to support DeFi?
JUGGERNAUT is the first DeFi project that goes beyond the traditional finance industry, into everyday life. We believe DeFi can make a huge impact on different spaces, like communication, transport, or work. Simply recreating outdated financial models is not enough; there needs to be something else.
We are focused on non-commodity assets, with an emphasis on creating and sustaining different business use-cases.
Customize usage rewards directly among users and holders, encourage greater liquidity, usage, and adoption, and empower users with complete decentralized governance. All of this can be achieved thanks to JUGGERNAUT’s DeFi capabilities and modular approach to business.
Q5: We saw your project has a collaborative relationship with Gate.io, how do they help your project to grow?
They helped us a lot in the early stages. They are very active in our marketing campaigns. We have done two staking programs so far with them, the second one active with a 98% APY.
The second program 74% full
Recently we did a Livestream AMA with Gate.io, and we got 1,400 people watching!
Questions Asked on Twitter For JUGGERNAUT DeFi Team
Q1 from @DipMondol19
I saw on your website that JUGGERNAUT will release its own NFT Marketplace,
Could you explain more about this marketplace?
Can I sell my own NFTs in that marketplace?
Are there any certain requirements for users who want to buy and sell their NFTs in that marketplace?
As a DeFi project, JUGGERNAUT wants to help everyone be part of this revolution, and let them get exposure to new and interesting assets.
Our new NFT marketplace will be the gateway to discover all the possibilities of NFTs, for both companies and individuals. It offers Juggernaut the opportunity to experiment and come up with unique and crazy incentive mechanisms, business models, and rare collections of NFTs.
So, right now we are releasing our first Genesis Collection, and later on we will partner with different NFT artists to release their collections in our marketplace. If it makes sense in the future, we’ll open the marketplace to anyone interested in creating or selling NFTs.
Q2 from @HendriA11938225
Many DeFi projects have liquidity problems. What liquidity model will JUGGERNAUT DeFi use to increase the value of the token? And how is JUGGERNAUT DeFi radically different from competitors, why should an investor pay attention to it?
JUGGERNAUT powers our ecosystem. It is used to obtain NFTs, in our Yield Farming Offerings, to create new synthetic assets, to help businesses add DeFi into their models, etc.
We are creating strong use cases, and we are looking into listing in major exchanges, to increase the liquidity of the token, as well as watching what we can do with the liquidity on Uniswap.
JUGGERNAUT is the first DeFi project that goes beyond the traditional finance industry, into everyday life. We are focused on non-commodity assets, with an emphasis on creating and sustaining different business use-cases.
Q3 from @Winterkom
When staking $JGN I can get $JXP, can you explain us what is the function of this token? So is it really something similar to farming? Or is it an additional reward for staking?
It is NFT Farming! jXP is like experience points in videogames. You can stake JGN (our token) and get jXP in return. Only with jXP can you earn limited-edition NFT assets.
In simple terms, with jXP can you earn limited-edition NFT assets. You can stake JGN tokens to earn jXP daily, and change those jXP for cool and rare NFTs.
I hope this helps when trying to understand jXP
Q4 from @Jupiter_Ji
Reading about you I could see that your platform uses three tokens (NTFs, jXP, JGN). Why use a system with multiple tokens instead of creating a currency that integrates all the features you would need?
I understand how you can get confused! There are a lot of acronyms in the crypto space.
NFT stands for Non-Fungible Tokens. Each NFT is unique, and they are not interchangeable, because each NFT represents something, like digital art or a sword in a game.
So, NFTs are their own unique and rare assets, and not related to the tokens powering our ecosystem.
JGN is the main token, and jXP is a way to unlock NFTs and it allows us to make the incentive experience feel more like a game.
I hope this clarifies everything.
Q5 from @ErlanggaENS
Smart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secured is your smart contract, and did you ever audit it via any external party?
We audit everything on the tech side, from our smart contract to our JuggerSWAP staking pools.
- Smart contract audit:
2. Pools security audit:
Obviously, with DeFi there are always risks. Smartcontract can be exploited, and hackers are always looking for vulnerabilities, but we take security seriously. We are constantly consulting security experts to check if everything we are doing is safe.
Questions Asked by our GreatDrop Community Members during live Session to JUGGERNAUT DeFi Team
Q1 from @Nonejl
As you know Covid-19 has a large impact in the crypto Market, So How can your company maintain its project and also the team that are working hard during this pandemic?
Covid-19 has been a terrible threat to the global economy. It has affected many businesses around the world, for example restaurants and cinemas.
Fortunately, even under this situation we have been able to receive investment from different funds from Australia, China, or Singapore.
We work remotely at the moment, and it is working great for us.
Q2 from @marshalldare
What is the vision and mission of JUGGERNAUT? What problems are you trying to solve? Do these problems remain unsolved with the existing public blockchains?
Only exchange tokens (a few of them) and DeFi have proven to be successful models in the crypto space. Utility tokens have been very fragile.
We created JUGGERNAUT to help anyone build and run a sustainable decentralized business model. We offer the opportunity to add DeFi capabilities to existing or new businesses.
Decentralization will continue to be the essence of blockchain projects moving forward. With DeFi, there are a lot of new opportunities to explore. JGN is solving the problems for the most token project, to help them build and run a sustainable business model.
Q3 from @can09876
You guys are doing Ama’s in all group & almost answering same types of questions again n again? How do You feel about it?
Well, I think there are some questions that need to be answered regardless of how many times I have answered them. Marketing, community, token utility, vision, roadmap, etc. are very important questions, and I want to share Juggernaut with everyone I can reach. If not for these AMAs, I wouldn’t be able to reach people from Indonesia for example.
For me, it’s a win situation even if not many people start following JUGGERNAUT after this. You get attention, and you can share the awesome stuff we are doing with people that are interested in crypto.
Q4 from @handgrace
What are the ways for Juggernaut to generate revenue in the long-run? What’s the progress of business development and what are some of your commercial partnerships?
We are a technology provider. We help businesses reach their full potential with DeFi and NFTs.
We are developing our own marketplace, JuggerSWAP, that will list new assets like synthetics or NFTs, and we’ll get a % of every transaction. Right now we are using Yield Farming to quickstart the project.
We partnered with Gate to list on their exchange, and with SKM to develop our first prototype of adding DeFi into an existing business. We are in talks with different exchanges to list JGN.
Q5 from @Mutupatlu
It is unfortunate that some projects remain half way because their developers abandon the concept because they cannot achieve the desired capitalization in the long term; how do you plan to make this project sustainable for its development?
Sometimes projects get really excited with ideas and not the actual development. Sometimes an idea can be great, but without execution it is nothing. Some developers run because it’s not possible to do what they are trying to do.
We are very lean and agile in our approach to technology. We don’t need 100 developers to pretend we are doing something. We know there are certain things that work, and some others that don't, but apart from that, we need to stay ready for new stuff.
We need to try things, and see if it works. If it doesn’t, we can make adjustments and try again. With the Covid pandemic, a lot of projects may have realized that outsourcing some parts of technology development is not bad at all if you trust the developers.
There are a lot of great developers from countries like India, Indonesia, or China that are not employed because of the distance and language barriers.
We want to sustain Juggernaut in the long term by building something that’s cool, fresh, and easy to use. We are offering so far Yield Farming, NFT farming, and different rewards. We will build something that both individuals and businesses can use.
Here are some important links of JUGGERNAUT DeFi: