AMA RECAP : CRYPTO CHALLENGERS x BUTTERSWAP
Venue : CRYPTO CHALLENGERS
Date :22 July 2021
Time : 02:00 PM UTC.
Guest : Jimmy
He shared detailed information and his opinions about the project BUTTERSWAP.
🔴 SEGMENT 1 INTRODUCTION.
𝗤𝟭. 𝗖𝗼𝘂𝗹𝗱 𝘆𝗼𝘂 𝗽𝗹𝗲𝗮𝘀𝗲 𝗽𝗿𝗼𝘃𝗶𝗱𝗲 𝗮 𝗾𝘂𝗶𝗰𝗸 𝘀𝗲𝗹𝗳-𝗶𝗻𝘁𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝗼𝗻 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗰𝗼𝗺𝗺𝘂𝗻𝗶𝘁𝘆?
Thanks. I'm really glad to be here. I'm the development lead for ButterSwap. We are a team of blockchain enthusiasts and we collaborate across multiple counties working on this fantastic DeFi idea. We are now exploring creative ideas of DeFi (AMM + yield farming + NFT) applications. We would love to talk more on our plans later.
𝙌2. 𝘾𝙖𝙣 𝙮𝙤𝙪 𝙗𝙧𝙞𝙚𝙛𝙡𝙮 𝙞𝙣𝙩𝙧𝙤𝙙𝙪𝙘𝙚 𝙩𝙝𝙚 𝙥𝙧𝙤𝙟𝙚𝙘𝙩 𝗕𝘂𝘁𝘁𝗲𝗿𝗦𝘄𝗮𝗽. 𝙬𝙝𝙖𝙩 𝙖𝙧𝙚 𝙨𝙤𝙢𝙚 𝙤𝙛 𝙪𝙩𝙡𝙞𝙩𝙞𝙚𝙨 𝙤𝙛 $BUTTER? 𝙃𝙤𝙬 𝙙𝙤 𝙮𝙤𝙪 𝙩𝙝𝙞𝙣𝙠 𝙮𝙤𝙪 𝙨𝙩𝙖𝙣𝙙 𝙤𝙪𝙩 𝙖𝙢𝙤𝙣𝙜 𝙩𝙝𝙚 𝙘𝙤𝙢𝙥𝙚𝙩𝙞𝙩𝙤𝙧𝙨 𝙞𝙛 𝙩𝙝𝙚𝙧𝙚 𝙖𝙧𝙚 𝙖𝙣𝙮?
#ButterSwap is a fun place to visit. You can exchange different crypto assets, currently 15 tokens, you can also earn in various places. At the core, ButterSwap is an AMM enabled DEX, with PanCake-like yield farming system. We also have a great board system in which, benefits are shared across board members, and they can also help with community voting. We are developing a brand new blind box and NFT card system, which is a combination of farming and card collection game. It will be fun and profitable!
𝗤𝟯. 𝗖𝗮𝗻 𝘆𝗼𝘂 𝘀𝗵𝗮𝗿𝗲 𝘁𝗵𝗲 𝗮𝗰𝗵𝗶𝗲𝘃𝗲𝗺𝗲𝗻𝘁𝘀 𝘁𝗵𝗲 𝘁𝗲𝗮𝗺 𝗵𝗮𝘀 𝗺𝗮𝗱𝗲 𝘀𝗼 𝗳𝗮𝗿 ? 𝘄𝗵𝗮𝘁 𝗮𝗿𝗲 𝘁𝗵𝗲 𝗺𝗮𝗷𝗼𝗿 𝗮𝗰𝗵𝗶𝗲𝘃𝗲𝗺𝗲𝗻𝘁 𝘁𝗮𝗿𝗴𝗲𝘁 𝗕𝘂𝘁𝘁𝗲𝗿𝗦𝘄𝗮𝗽 𝗶𝘀 𝘆𝗲𝘁 𝘁𝗼 𝗮𝗰𝗵𝗶𝗲𝘃𝗲 . 𝗜𝗳 𝗽𝗼𝘀𝘀𝗶𝗯𝗹𝗲 𝗮𝗹𝘀𝗼 𝘀𝗵𝗮𝗿𝗲 𝘆𝗼𝘂𝗿 𝗿𝗼𝗮𝗱𝗺𝗮𝗽.
In our first month of development, we have over 40k telegram community members and 45k twitter followers, and our community is growing fast in several different countries. Currently, our website support 16 major languages to facilitate global investors. We have over 10,000 daily active users and our total value locked (TVL) reaches 11.7 million USD. But this is just the start. Our next major goal is to hit 100 million USD and 100,000 address to hold BUTTER. Our next major milestone is to finish our creative blind box + BUTTER card system. Our whole community is looking forward to it.
𝗤𝟰.𝗖𝗼𝘂𝗹𝗱 𝘆𝗼𝘂 𝘀𝗵𝗮𝗿𝗲 𝗮 𝗯𝗶𝘁 𝗮𝗯𝗼𝘂𝘁 𝘀𝗲𝗰𝘂𝗿𝗶𝘁𝘆 𝗮𝗻𝗱 𝗮𝗹𝘀𝗼 𝘄𝗵𝗮𝘁 𝗯𝗲𝗻𝗲𝗳𝗶𝘁𝘀 𝘆𝗼𝘂 𝗽𝗿𝗼𝘃𝗶𝗱𝗲 𝘁𝗼 𝗶𝗻𝗰𝗲𝗻𝘁𝗶𝘃𝗲𝘀 𝘂𝘀𝗲?’’𝘀 𝗰𝗵𝗼𝗼𝘀𝗶𝗻𝗴 𝘆𝗼𝘂𝗿 𝗽𝗹𝗮𝘁𝗳𝗼𝗿𝗺?
Yes. Security is always the most important factor to consider. We have encountered hacker's attack ever since the first day of our launch. We have open sourced all our source codes and made our smart contracts audited by two famous auditing agencies, CertiK and Knownsec. In future, we will continue to put security to be our first priority and make sure our users' assets are not touched by anyone, not even by us, because everything should be governed by smart contracts in blockchain transparently. The benefits for users to choose our platform is multifold. First, they can earn by farming, staking. Second, we have a referral system, and if you invite your friends to our platform, you will earn 0.5% of all their farming and staking profits (notice your friends won't earn less due to your invitation, all the reward is extra). Third, in the near future, you can buy blind boxes and open BUTTER cards inside. BUTTER cards can be used to do farming in the new Dinner Table Pool, some precious BUTTER cards may also boost your normal farming and staking.
𝗤𝟱. 𝗪𝗵𝗮𝘁𝘀 𝘁𝗵𝗲 𝘁𝗼𝘁𝗮𝗹 𝘀𝘂𝗽𝗽𝗹𝘆 𝗼𝗳 𝘁𝗵𝗲 𝘁𝗼𝗸𝗲𝗻 ? 𝗖𝗼𝘂𝗹𝗱 𝘆𝗼𝘂 𝘀𝗵𝗮𝗿𝗲 𝗮 𝗱𝗲𝘁𝗮𝗶𝗹𝗲𝗱 𝘁𝗼𝗸𝗲𝗻𝗼𝗺𝗶𝗰𝘀 𝗼𝗳 𝗺𝗮𝗶𝗻𝗻𝗲𝘁 𝘁𝗼𝗸𝗲?’’𝘀 𝘀𝘂𝗽𝗽𝗹𝘆 𝗱𝗶𝘀𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻.
Currently, the totally supply of BUTTER is 415,172,736. But this number may change over time. New BUTTER is generated every block in the farming and staking. There are also burning mechanisms, both automagical burning and manual burning. All our future applications will be focusing on diminishing BUTTER bubbles and burning BUTTER. For example, for each blind box sales, 10% of BUTTER will be directly burnt. If you unlock an empty plate in the Dinner Table, 10% of BUTTER will be burnt too. If you sell or buy a BUTTER NFT card in the upcoming Auction Market, some percent of BUTTER will also be burnt as well. The future total supply is uncertain, with both increasing factors and decreasing factors. And our focus will be adding value to BUTTER, so the price of BUTTER can be stable and be increasing in the long term.
🟡 SEGMENT2 TWITTER QUESTIONS.
Q1) At present, liquidity mining has triggered a boom in the DeFi market, but high gas fee and network congestion prevent users from actually experiencing the full potential of DeFi. what problem needs to be solved most? and how will ButterSwap provide a lasting solution?
Lucky for us, we are on HECO chain, where gas fee is very cheap and network is not congested (for now). In the long run, when we provide cross-chain solutions, this might be a problem. However, we think that is not a problem for one DeFi project to solve, instead, it is a more fundamental problem for the whole blockchain community to solve. And we will be actively participating to help with our best efforts.
Q2) After checking the website, Butterswap vision & Mission is good. but it needs a large user traffic to be sustainable over time. What is your marketing strategy to increase the validity of your project brand? Are you planning a strategic partnership to level up your project?
In fact, every blockchain project, including BitCoin, needs a large user traffic to be sustainable over time, so this is a problem facing every blockchain project. Our major marketing strategy is to innovate our projects and impress our users with the stuff that we built. At the very end, we are building a product, in which user experience is key. But only having good product is not enough. We will continue marking and promotion in different channels. Currently, we are doing routinely AMAs with different crypto communities for our early promotion. We are also in contact with some YouTube KOLs to prepare some tutorial videos for us to attract more users. In the long run, we are seeking strategic partnership with different crypto projects for benefiting each other mutually.
Q3) Do you have any plans to attract non-crypto investors to your project Because it is the success of a project to get more investors who are still not in the crypto world. What are the plans to increase awareness around your in non-crypto space?
Yes, user acquisition is always very important. As I answered in the previous question, we are partnering with some Youtube KOLs for some tutorial and introductory videos. We believe these videos would help attract non-crypto investors to ButterSwap.
Q4) Where did the great idea of implementing and combining the complete automatic market creation (AMM) stack and yield cultivation system come from, what are the benefits they expect to get after this implementation, and how will they work to make this stable and durable
This great idea comes from the success of UniSwap and PancakeSwap. The benefits is to stimulate users to add liquidity by yield farming profits and making it a positive feedback loop. However, we think that simple AMM and yield farming system is not sufficient. To close the loop, we need a bubble diminishing system. Pancake chooses lottery. We choose blind box + NFT card system. After we finish the whole loop, we can make the whole system stable and durable. Phase 1of our NFT system is expected in 2~3 weeks (including auditing and testing time), after its release, there would be a big change in BUTTER's supply and demand.
Q5) Does ButterSwap have its own nft or plans to create one, and is ButterSwap interested in the NFT gaming trend?
The short answer is yes, we love NFT. The long answer is here, https://docs.butterswap.me/products/nft which is being developed. Our new NFT system (Blind Box + BUTTER card + Dinner Table Farming + Auction Market) is a good combination of DeFi + NFT + Gaming. We want to provide our users both joy and profits with our NFT system. Stay tuned for it.
🟢 SEGMENT 3 TELEGRAM LIVE.
"STAKING" is one of the STRATEGIES to ATTRACT USERS and HOLD Them long term.
Does your GREAT PROJECT #ButterSwap have plan about Staking??
What is the minimum amount to stake ? You can share me details please ?
Yes, one core component for ButterSwap is staking system. It's simple, first buy some BUTTER, them stake in BUTTER pool to earn more BUTTER and get CREAM for free, and use CREAMs to stake for other partner tokens. We also have manual and auto BUTTER staking pools. If you are busy and want to enjoy the auto-compounding benefits, you can staking in the Auto BUTTER pool.
What are the use cases of your token, and how are we as users motivated to buy and hold long term? Will new use cases come along time?
You can staking BUTTER to earn more, you can also staking BUTTER + some other tokens to form LPs for farming. You may also user BUTTER to buy blind boxes to earn more.
What is your reasonable decision to put 933,8% as #ButterSwap max APR? Is it possible? What about APY? I think its more reasonable.
What is listed there is true APR, our users can verify it. APY is much higher, depending your compounding rate. Howver this APR/APY is not unchanged. It depends on BUTTER price and total locked liquidity in different farms. It is a complex economy system with a self-adjusting tokenomics.
As a community driven project and me a developer am interested in contributing to the project, do you have such programs?
Yes, you can join https://t.me/butterswap_dev and join our decentralized programming team. Currently we are building our new info site together. https://github.com/butter-swap/butterswap-info Later we will have more interesting projects for the team to work on and contributors will be rewarded with part of the project profits.
Do the token holders have right to participate in the governance of the project? On what kind of decisions can they vote on about the project?
Yes, our board members can vote in various issues about the project, ranging from token production halfing, new token listing, referral system design, and many other project decisions. And we are welcoming more new users to join our board, and share the future dividend from the project.
Join our group https://t.me/butterswap0 and buy 10,000 BUTTER, you will be surprised 1 month from now 🙂