AMA RECAP : CRYPTO CHALLENGERS x MINTEREST
Venue : CryptoChallengersD
Date : 01 FEB 2022
Time : 11:00 AM UTC.
Guest: Kyn Chaturvedi
They shared detailed information and his opinions about the project MINTEREST.
🔴 SEGMENT 1 INTRODUCTION
Q1. Could you introduce yourself and Minterest briefly?
Kyn | Minterest - COO:
My name is Kyn, and I am the COO of Minterest. I am responsible for ensuring that Minterest’s strategy is successfully executed. That means everything we do from product development, marketing, business development, fundraising, accounting, to even user support are ultimately under my purview.
Before Minterest I was the CBDO at TomoChain, Vietnam's largest public blockchain, where I supported a number of major partnerships, including one with the Vietnam government to launch university diplomas on the blockchain.
Minterest is the most capital efficient lending protocol which can provide the greatest long term returns in DeFi to its users. It is being released on Moonbeam in the Polkadot ecosystem at the end of March 2022.
The MNT token is actually designed to be directly linked to the performance of the Minterest protocol. As the protocol grows with more liquidity, Minterest captures value from fees, and then uses that value to buy back MNT on-market and distributes the tokens back to Minterest users who stake MNT in the governance process.
This ensures the fairest approach to DeFi we've seen to date.
Kyn | Minterest - COO:
Here is a basic flow of how users interact with Minterest and the flow of tokens. Hope it makes sense
DeFi can be crazy complicated so distilling information down visually is always the best way to go, but it's not an easy task :)
2.What are the important future milestones of Minterest?
Kyn | Minterest - COO:
So at Minterest, we have a basic roadmap ahead.
(1) Public Offering: Right now we are in the middle of the public allocation event, which will end on February the 11th after the LBP.
(2) Protocol Launch: We are on track to deliver the private launch of Minterest in late March 2022, which will coincide with TGE and the listing of the MNT token.
The Public Launch will be sometime in April or May, with new features being added regularly to improve the user experience.
(3) Security Audit: Minterest is going through its first security audit which should be completed early next month. Based on feedback we will be making the necessary updates and then will start our second security audit.
As mentioned earlier, this is going to be a rolling process.
(4) Integrations: Throughout Q2-Q3 we’ll be focusing on a number of integrations into other protocols, including more listings on Minterest itself.
A more detailed roadmap is being prepared by our team. For the moment, the best way to get information is to read through Minterest's extensive Gitbook: https://minterest.gitbook.io/the-minterest-lending-protocol-whitepaper-v1.0/introducing-defi-2.0/introducing-minterest
We can't wait to launch guys. Minterest has been in development for over 1 year now :) The team is just chomping at the bit
3.How will you guarantee that we are getting the highest long-term yield in DeFi with the ever-expanding and changing DeFi landscape. Thank you!
Kyn | Minterest - COO:
Minterest is designed to capture more value due to a number of innovations
The First Innovation is its auto liquidation engine:
Traditionally about 40% of the value on lending protocols is lost due to liquidations by third parties. Minterest is its own liquidator and is able to capture all of this value as a result.
The Second Innovation is its buyback engine, as hinted at above:
Minterest is designed to be a major purchaser of its own token, MNT. The more liquidity on Minterest, the greater the fees it can collect, which leads to its ability to buy back more MNT tokens on-market, hence driving up the APY value for MNT stakes. It’s what we call a flywheel effect.
Kyn | Minterest - COO:
Here is an illustration of how the Buyback engine works. Users who stake MNT can get access to those Buyback rewards
The Third Innovation is with the Minterest NFTs.
These are not simply beautiful-looking NFTs, they have a real use case which increases APY up to 50% for liquidity providers who hold them.
There are only 3000 NFTs, and the only way to earn them is to participate in the Minterest public offering, held between February 8-11.
Top net-buyers will earn themselves an NFT. The higher the rank on the leaderboard, the greater the APY potential of the NFT earned.
I'm glad they're helpful. It took us months to come together on this final design. There were MANY MANY versions we tried over months of pitching to institutional investors and we took all that feedback to produce these :)
4.It is quite uncommon for DeFi protocols to publish their own NFT. What are some of the backgrounds that led Minterest to publish its own NFT? And what are some of the distinguishing factors of Minterest NFTs from other NFTs?
Kyn | Minterest - COO:
Sure. The Minterest NFTs are a celebration of the top 100 most influential in blockchain. As mentioned there are 3000 NFTs across 12 levels of rarity. So first check out an example of the artwork for Level 1 - Satoshi. It’s awesome.
Kyn | Minterest - COO:
The Minterest NFTs are a core part of the Minterest protocol and they aren’t just for show either.
There are two key benefits to holding a Minterest NFT:
- NFTs provide up to a 50% boost in MNT emissions for providing liquidity on Minterest during its public launch in Q2
- NFTs provide key card access to the Minterest Private Launch in March where there will be limited participants. As a result the ability to yield farm MNT will be massive, in the 300-500% APY range.
And of course they're fully tradable 🔥
The NFTs encourage long-term participation by liquidity providers (LPs) on Minterest.
The only way to earn them is to participate in the upcoming public offering via an LBP on February 8-11th. We’ll have a leaderboard for net-buys. Based on the user placement an appropriate NFT will be earned.
Coming back to how the NFTs work. Liquidity Providers include both lenders and borrowers.
For the simple act of lending and borrowing, liquidity providers earn a steady emissions rate of MNT tokens block by block.
If they also holds an NFT, these returns are augmented, increasing the number of MNT earned from 20% to 50% depending on the rarity of the NFT.
Let me illustrate this better.
Kyn | Minterest - COO:
This image illustrates how holding an NFT boosts MNT rewards for liquidity providers. And the Table shows the different levels (i.e. Rarities) of Minterest NFTs.
Got some more math to throw your way. Something attractive I hope.
Kyn | Minterest - COO:
We developed a Calculator to help everyone understand how these NFTs can really jack up that APY. Check it out here: https://minterest.com/calculator
You can also check out the entire gallery on our website here: https://minterest.com/nft-gallery
Pretty proud of this too. All these numbers and % don't mean much unless you can try it out yourself. Until then, the calculator is the next best way
Please do. And if you have any feedback, do share! We want to make it as user friendly and self explanatory as possible
5.Could you tell us more about “APY Boost” NFT pool lottery? Who can participate and when?
Kyn | Minterest - COO:
Yep. So the NFTs are challenging to get access to since they’ll only be available to LBP participants. We anticipate a number of whales to ape in there. But we also want our smaller community member to get access to NFTs too. That's where the lottery comes in
We’re running a Community Event which allows anyone in our community (including those here) to get up to 500 USDC in MNT tokens.
And for anyone that participates and also refers a friend, both they and their friend receive NFT lottery tickets.
We are running multiple lotteries to giveaway the APY boosting NFTs, with over 50 having already being claimed. And we have another 100 more in the kitty from what our marketing team tells me
To participate, just go to Minterest.com, click the big “Whitelist Now!” button at the top and follow the steps. And refer! It’s pretty simple!
Done @couponxdealer .
And yeah I know we have made many in our community happy. We have also gifted NFTs out just for being good community members...for helping. We encourage it.
Kyn | Minterest - COO:
That is the interface. Let's make sure Sal, that you get maximum referrals from the Crypto Challengers community bro
Q6.What are the security protocols in place to ensure safety of funds and sanctity of the smart contracts?
Kyn | Minterest - COO:
Good question. Minterest is being designed to be as secure as we can possibly make it. Our goal is for liquidity providers to have peace of mind when they come to Minterest. So they leave it there and can forget about it
We have an extensive rolling security audit program that is inculcated as a standard part of the development process to validate our approach to making Minterest safe and secure.
And we’re only working with the top security audit firms in the space, with our first audit happening as we speak.
Additionally, we have an in-house team of data scientists and modelers to help us understand the economic side of Minterest’s functions.
We take into account externalities, such as black swan events and potential economic exploits when using other Minterest in conjunction with other protocols.
Finally, Minterest will have reserves set aside to deal with worst-case scenarios. This can be thought of as an insurance fund.
Long story short, we think about security... a lot
Q7.Currently, most projects and platforms are in English. How will "Minterest" reach non-English local communities? Do you have any plan for them to better understand your project?
Kyn | Minterest - COO:
Yes, we take our international community seriously and have spent time working on our Website translations which so far include Chinese, Korean, Russian and Spanish
📌 Website: https://minterest.com/
For the community we have Telegram group chats in Korean, Chinese and Russian
📌 Telegram: https://t.me/MinterestFinanceChat
📌 Telegram: https://t.me/MinterestFinanceKorea
📌 Telegram: https://t.me/Minterest_CN
📌 Telegram: https://t.me/MinterestChatRus
You know, our Russian community, in particular, is unofficial and simply came together because the community wanted it. It was amazing to see it form, and to see how active they are. I'm so very proud of how they organized and how vocal they are
Q8.Minterest is running a community allocation event right now where anyone can whitelist and participate. Can you tell us more?
Kyn | Minterest - COO:
Absolutely. For the next 1 day 20 hours (as you put it!) we are running a Community Allocation Event to allow for anyone to receive an allocation of up to 500 USDC in MNT tokens.
The community only needs to go to Minterest.com and click the “Whitelist Now” button at the top.
Kyn | Minterest - COO:
To provide more context, the Community Allocation Event (CAE) is an extension to the Minterest LBP, our core public offering event held on February 8-11.
We decided to hold the CAE due to real challenges retail investors face to participate in LBPs:
- Gas Intensive: LBPs are gas-intensive since the event is held on Ethereum
- When to buy: Since LBPs are a reverse auction process, the price is constantly moving so it can be difficult to understand when to purchase tokens.
The community event is geared to make it easier for our retail community members to participate in the LBP with Minterest representing their interest.
Through the CAE, Minterest
- removes gas fees entirely and
- to provide the best value possible, depositors will get the lowest average price in the LBP itself. This removes the guess work completely.
We hope to welcome your community to Minterest and to the CAE :)
🔵 SEGMENT2 TWITTER QUESTIONS.
Here is the first question.
#Minterest As a multi-chain enabled lending protocol to use NFT as collateral,how does NFT be used as collateral? What kind of NFT item is acceptable as lending collateral?How will you know that NFT given as collateral is legit and valuable?
Kyn | Minterest - COO:
I've been involved in the NFT space since 2018. Being an avid NFT fan, I do love the idea of using NFTs as collateral and there are a number of innovative projects in the space currently exploring options around that.
As for Minterest. we are considering using NFTs as collateral, but we will wait for the space to mature a bit before diving in.
The biggest challenges with using NFTs as collateral include
- amassing enough liquidity on markets to assess the value of an NFT as collateral.
- the fact that they’re incredibly illiquid since there is no easy way to market sell an NFT if they must be liquidated.
S
2.@_ayinu_2003
As a newbie who is just about to start playing a blockchain game for the first time, how do I get started on #Minterest? How easy would it be for me on the platform and is there a way I can get any assistance of any form from experienced gamers already on the platform?
Kyn | Minterest - COO:
We are building Minterest to be as user friendly as possible.
One of the key considerations is actually taking care of our users and helping them understand their risk profiles on their Minterest dashboard.
With most lending protocols, you simply do not understand how close you are to being liquidated. Minterest will provide a risk gauge and advise in terms of what options you could take depending on your current position.
Minterest is also building in a notification system via Telegram/email to inform its users when they might be in risk so that there is time to take action.
3.@molestika
Your protocol captures 100% of the value of the combination of settlement fees that are then passed on to the users who participate in the governance of the protocol, but what mechanism do you use to determine who does and does not participate in the governance of your protocol?
Kyn | Minterest - COO:
Governance is a key part of the Minterest protocol as well. The simple answer is we want our entire community to be able to vote. And that’s built into the system.
In fact, our users who stake in the governance process to earn a share of the Buyback must participate in voting on one proposal at least once a year in order to continue to receive staking rewards.
That’s how seriously we take governance participation.
4.@BuyNoEvil
Does Minterest have anti-bot protection for the NFT lottery for CAE participants to make sure only humans can win?
Kyn | Minterest - COO:
We have designed the major NFT lottery coming up to ONLY accept those who have actually made deposits. So even if Bots accrue thousands of lottery tickets, but fail to make a deposit, well tough luck, they won’t even get a chance to win an NFT. :)
5.@aysheri_1010
When using #Minterest, is it possible to trade with any type of NFT or it will be exclusively for tokens found in the Ethereum & BSC ?
Kyn | Minterest - COO:
Our NFTs will be used on the Moonbeam network and be tradable across NFT marketplaces there.
⚪ SEGMENT 3 TELEGRAM LIVE
Q1-Anggelin || Gems Hunters Discussion:
Mintesrest's NFTs can be used to boost APY percentages on farming. May I know the duration of each of the NFT's boosts? How long can the boost last for each NFTs? Also, can the boost be recharged or reset if its boost expires?
Kyn | Minterest - COO:
Minterest NFTs have different durations of months to years depending on their rarity. Have a look at our Whitepaper to get a full rundown of that https://minterest.com/whitepaper.
Q2-SAJAWAL 🇱🇷🇱🇷:
Can you tell us about your team members? are they qualified and professional in their fields? what are the recruiting qualifications for team members for your extraordinary project?
Kyn | Minterest - COO:
The team is composed of some of the most experienced executives in the space. Josh, CEO of Minterest, goes back two decades in technology startups, including being a founding shareholder of Freelancer! David Esser is our CPO - as Stanford graduate and was earlier at Cardano. And other notables.
We have some amazing advisors, including David Post who is the managing director of Chainlink and Mark Fitzgibbon, who is a Director at API3 Foundation and others.
The Minterest team’s core office is in Tallinn, Estonia. We staff over 40 people, with two-thirds local, and one-third remote. In terms of the community, we have just started an ambassador program with 5 core community members participating. We are looking to expand on it in the near future.
It’s also relevant to share that Minterest has been in development for over 1 year and have raised our institutional rounds from some of the biggest and most reputable players in the space, including KR1, DFG, Digistrats, CMS, CMT Digital, NGC, and others. We also have secured a grant from Moonbeam and are close partners with Chainlink.
Q3-ASHAN:
Do you have a Token Burning plan to increase Token value and attract Investors to invest?Do you have a Token Burning plan to increase Token value and attract Investors to invest?Do you have a Token Burning plan to increase Token value and attract Investors to invest?
Kyn | Minterest - COO:
We actually don't plan to burn tokens. We see burning tokens as a way to reduce supply, but not increase demand. Minterest is designed to align the token with the protocol's ability capture value through the Buyback engin I mentioned earlier.
The greater the liquidity, the greater the fees collected, the more Buyback of the MNT token happens on market driving up APYs and demand for MNT.
Thus we actually have a system built where the token is integral to the protocol and vice versa.
Q4-⋆⏤͟͟͞͞ ⍣⃟𝙍𝞗𝙈𝙀𝞗🕊️⃟࿐:
How Do you planning to promote your project in different countries, wherein English is not spoken well? Do you have a local communities for them to better understand your project?
Kyn | Minterest - COO:
We have relationships in place for Chinese, Korean, Russian, Spanish, and others are coming. As mentioned earlier we have already translated our website, and soon multiple documents into various languages, we hope that Minterest will be accessible at a global level.
Q5-🇶🇦Rodina Rüdiger 🇶🇦:
CAN you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team؟
Kyn | Minterest - COO:
Our tokenomics model is quite unique. All early investors and all buckets aside from the public offering are all vested and unlocked block by block from between 1 year and 5.5 years. This prevents excess tokens hitting the market at once
The Team tokens do not begin to unlock until 6 months after the protocol launches, and it takes 5 years after that for all tokens to be fully realized.
This is long term thinking for the health and well being of Minterest's future.
You can see more on the tokenomics in our whitepaper: https://minterest.com/whitepaper
Absolutely. Thank you so much for taking your time out to be here.
Remember we are running the Community Allocation Event for only 1 more day. So if you're interested in whitelisting and getting a 500 USDC allocation of MNT, just head over to Minterest.com and click on the "Whitelist Now!" button
You can find our socials here too:
- Website: Minterest.com
- Twitter: Twitter.com/Minterest
- Whitepaper: https://minterest.com/whitepaper
- Technical Paper: https://minterest.com/technical-paper
- Discord: https://discord.com/invite/9hcTvuDUGGOh and we will be selecting two NFT winners from the questions above, which I hope can be life changing
For Live questions let's go with Anggelin!
For Twitter: 3.@molestika
https://twitter.com/molestika/status/1488221358530179073?s=20&t=PPiJ7VA3DfDFPUtZKHtmAA
ROFL
Drum rolls were missing there :)
Thank you @couponxdealer. Very much appreciate the time.
We will be in contact with the NFT winners. It's guaranteed to provide some real value on the Minterest platform when we go live
