AMA Recap: Amara Russia and Ukraine Community
On Jan. 18th 12:00 PM (UTC), Amara Finance Russia and Ukraine Community Community held an AMA about the recent progress of Amara finance and introduction of products in the community. The guest speaker is Lucia, an operation manager of Amara overseas community. The event was met with an overwhelming response from enthusiasts.
For those who missed the event, here is the recap:
Q1: Please introduce yourself.
We are so glad to meet all of our Russian and Ukrainian friends. I am Lucia, I am an operation manager in Amara’s community. I am so honored to be here to introduce Amara to you. We’d like to express our heartfelt thanks to those participants who submitted questions, and special thanks to our interpreter Pavel from Russia, he has been really helpful during the meeting.
Q2: Hello, a question about security. What is the protection against risks? What is the amount of deposit funds, in case of deposit compensation, due to the risks of sharp market fluctuations? Will this amount cover the amount of compensation? And what other tools are provided to stabilize the situation of possible losses?
Security is indeed a key issue that all the projects in DeFi have to face. Once there is a problem with safety, projects can be a disaster.
Amara attached great importance to security, and took many pragmatic measures to ensure the security of users’ assets from the very beginning.
First of all, all external DeFi protocol partners involved in AmaraLend must be reliable and time-tested protocols, such as CRV. This is also the reason why AmaraLend v2 finally plans to be deployed on BSC.
Secondly, in terms of mechanism design, AmaraLend introduces an insurance program to prevent bad debts.
Finally, reliable auditing is essential. If necessary, several auditing agencies can be invited to cross-audit the code. All Amara products will be audited before launch.
For Amara, the relationship with LP may be stronger because people can bring in inventory, get more APY, and lend assets into the market mainly for stability, and so there is little impact of market flustruations on Amara.
1. For LP users who have deposited into our platform, they are considered stable by mortgage. The more risk of these stable loans lies in their negative premium,, so there will be no stable loans. A situation where a price change causes your loan to blow out. At the same time, the stable calculation you borrowed can be exchanged for stable U to avoid risks.
2. For those who hold these stablecoins themselves, the emergence of amara will make these stablecoins useful, but will stabilize the currency price.
Q3: What is Stablecoin?
Stablecoin is an encrypted currency with a stable exchange rate with a certain target. Stability means that the price of this currency will not fluctuate significantly for a period of time and the price is relatively stable. Stable currency includes USDT, TUSD, GUSD, BitUSD, BitCNY, etc. It is a currency category only after the birth of block chain technology. Most of the advantages of stable currency lie in the field of encryption, in which stable currency acts as a function of value scale and can also be used as a hedge when the market falls. The exchange rate with French currency remained relatively stable. Because the conversion ratio between French currency and goods and services is relatively stable, the ultimate anchor of stable currency is goods and services, that is, the actual purchasing power.
Centralized stablecoins still keep their dominance, accounting for over 85% in market cap, but their risks were uncovered by a series of issues about compliance and asset transparency. People started to explore the solutions. Over-collateralized stablecoins like MakerDao opened up an effective way for decentralized stablecoins but with the problem of inefficiency. Its growth is limited by the market value of the collateral. Therefore, new solutions of algorithmic stablecoins like UST, Frax, Fei, etc. came out.
Algorithmic stablecoin is limited by the lack of infrastructure. Each project has to build their own applications to empower stablecoin and increase utilization by providing their own tokens as subsidy, causing a constant selling pressure to token price. So as of now, hardly can a project survive in this stablecoin war.
It can be learnt from these cases that successful stablecoin ecosystems met two requirements — high subsidy and application scenario. It would be hard to start from scratch if they had no other sacrificial supporters or such chances as CRV liquidity incentive. At the same time, if projects launched liquidity incentive as the subsidy only, they would face a major sell-off of the token and a sharp drop in price in the future.
It is a tough issue for any stablecoin project, and Amara LP lending market will provide a large demand for stablecoin issuers. Users who borrow stablecoin from Amara can avoid risks through real-time swap to major stablecoins such as USDT.
Q4: One of the issue of cryptocurrency especially defi is the problem of vulnerabilities, it’s everyday issue,we hear News of Sybil attackers intruding projects contract everyday which is the prime question in the cryptocurrency world. How well has AmaraFinance strengthened its project security most especially AMARALEND and what’s the outcome of the audit?
Security is indeed a key issue that all the projects in DeFi have to face. Once there is a problem with safety, projects can be a disaster. Amara attached great importance to security, and took many pragmatic measures to ensure the security of users’ assets from the very beginning.
First of all, all external DeFi protocol partners involved in AmaraLend must be reliable and time-tested protocols, such as CRV. This is also the reason why AmaraLend v2 finally plans to be deployed on BSC.
Secondly, in terms of mechanism design, AmaraLend introduces an insurance program to prevent bad debts.
Finally, reliable auditing is essential. If necessary, several auditing agencies can be invited to cross-audit the code. All Amara products will be audited before launch.
Q5: When will the roadmap for 2022 be out?
The most important is DeFi 2.0, also known as AmaraLend v2 will be launched successfully.
Firstly, it can realize the lending of the stablecoin usdt, usdc, busd, etc. by staking the largest size of LP.
Secondly, it can lend other stablecoin by staking other long tail assets.
Once the two above are achieved, Amara can release its own stablecoin usda.
Of course, besides AmaraLend, our other product AmaraLInk will be launched in the first half of the year 2022.
MARA will be launched on 1st March. DEX and CEX are both possible, the names will be announced officially later. All airdrop and testnet rewards will be distributed after listing. The initial market cap is 1.5m and the listing price is $0.5.
Amara will be launched on cobak, №1 crypto community in Korea. https://cobak.co.kr/community/8/post/637514#DeFi
We held two successful IDOs in January on Solarbeam and Synapse and will announce more launchpads in the following weeks. Stay tuned.
AmaraLend v2 will be launched in 2022. Users can deposit LP after AmaraLend v2 is launched and get more benefits under security.
For more information, follow us on:
Website：https://www.amara.link/
Discord：https://discord.com/invite/rhkyBmmCBf
Telegram：https://t.me/AmaraFinance
Twitter：https://twitter.com/AmaraFinance
Medium：https://amara-finance.medium.com
E-mail：amarafoundation@amara.finance
Q6: Will there be awards for ambassadors?
At present, we only have pre-ambassador and Level-1. Later, we will have the advanced ambassador level. The upgrading decision will be made based on the points allocated from your tasks sheet.
Amara ambassadors will be divided into 3 levels, pre-ambassador, first-level ambassador (ambassador level 1) and senior ambassador (advanced ambassador).
To prepare an ambassador, apply by submitting an ambassador application form, start an ambassador mission, and fill out the mission form. After passing the one-month observation period, he will be promoted to the first-level ambassador.
First-level ambassadors also need to do ambassador tasks and fill out the task form. After accumulating 2,000 points, they can apply to become senior ambassadors, and they will become senior ambassadors after being reviewed and approved by the Amara team; at the same time, the first-level ambassador group will be cleaned regularly every month. If you do not do tasks for two consecutive months, you will be cleared and your points will be cleared.
Senior ambassadors, in addition to the ambassadors who apply for the approval of the points, also include the excellent management of each community (which can be inspected in terms of community size, activity, and investment user conversion rate) and special contributors.
With the development of the Amara community, the English major group has 45,000 members and has received 1,000 application forms for ambassadors. At present, there are nearly 500 pre-ambassadors and more than 50 level-1 ambassadors.
So the ambassador program will last as long as we exist. Because ambassadors have been paying a great deal of effort to our communities. Therefore, we have been thinking of ways to give them more incentives and support.
It’s such a pleasure to chat with you and we are looking forward to our next meeting. Hope we’ll meet more new friends from Russia and Ukraine!
About Amara Finance
Amara Finance is a cross-chain financial aggregator for NextDeFi aiming to be the DeFi collaboration center to bridge Polkadot and the off-DOT world. Amara’s core products include: AmaraLend, a multi-chain deployed lending protocol focusing on long-tail assets; AmaraLink, a multisig cross-chain bridge connecting Polkadot and off-DOT world; AmaraPay, an aggregated payment gateway protocol responding swiftly across the world.
Follow Us
Webiste：https://www.amara.link/
Discord：https://discord.com/invite/rhkyBmmCBf
Telegram：https://t.me/AmaraFinance
Twitter：https://twitter.com/AmaraFinance
Medium：https://amara-finance.medium.com
E-mail：amarafoundation@amara.finance
