AMA Recap | Coin Mühendisi Community
On Jan. 23rd 4:00 PM (UTC+0), Coin Mühendisi held an AMA about Amara in their community. The guest speaker is Gree, an ambassador at Amara Finance. The event was met with an overwhelming response from enthusiasts.
For those who missed the event, here is the recap:
Host: Hello @Gree191, welcome to Coin Mühendisi Community , how are you doing?
Host: We are very happy to host your project in our group :) First of all, could you please introduce yourself ?
Guest: Yeah, I am Gree, an ambassador at Amara Finance. I am responsible for business and marketing.
Host: Thanks for introduce yourself!
Host: If you are ready, let’s start with the first part of our event?
Guest: Let’s go.
Host: Let us begin with some Introduction questions and please type “done” after completion of an answer :)
Q1: We’d like to start off with a short pitch for the people that haven’t yet heard much of Amara Finance. So tell us what Amara Finance is and what it does.
A1: Yeah, I am so excited to share Amara with you.
Amara Finance is a cross-chain financial aggregator for NextDeFi aiming to be the DeFi collaboration center.
Amara Finance has three core products, AmaraLend, AmaraLink and AmaraPay. AmaraLend is a lending protocol about LP liquidity. AmaraLink is a multisig cross-chain bridge based on Chainsafe. AmaraPay is a global payment gateway protocol.
It is known that Amara Finance belongs to Polkadot ecosystem, but Amara also has the desire for multi-chain deployment. Amara’s aim is not only finding a position on Polkadot, but also introducing more assets and users into Polkadot and becoming a multi-chain DeFi collaboration center.
Q2: Do you have the story behind this project? Or can you explain why you choose this name?
A2: Glad you ask for the name. Naming a project is a very interesting process. It’s like naming your own baby. We thought about many names, such as Fides, which has the meaning of trust and good faith. Eventually, we chose Amara for its simple structure with “A” at the beginning and end of the word, which also implies the meaning of a top graded project. And more importantly, we would like to continue growing the Amara ecosystem with the blessing of “everlasting” the name brings to us!
Q3: What is DeFi2.0? You mention it on your website, how do you define it and how does it differ from DeFi?
A3:DeFi 2.0 mainly refers to AmaraLend v2. AmaraLend v2 is Amara’s most creative product.
There are many lending projects in the market at present, and people are keen on imitating and copying projects but few to create because innovation means risk, high cost and energy investment.
AmaraLend has upgraded several times, and finally found its own place in the DeFi world. At first, AmaraLend’s design was very simple, just to be a multi-chain deployment lending platform focusing on long tail assets.
Let’s call it AmaraLend v1. The original AmaraLend v1 is just an ordinary lending product with no much innovation. Therefore, Amara team decided to innovate it. After heated discussion, as well as adopting investor’s suggestions, AmaraLend v2 model came out finally.
AmaraLend v2 is an innovative product. You can see the graphic below.
To sum up, AmaraLend is to release the liquidity of LP.
In the DeFi field, interest-bearing assets like LP are huge in scale, but are called sleeping assets because there is no suitable “place” for them.
For general mining users, LP principal will be locked on DEX after yield farming, which makes the capital utilization rate of LP assets not high.
In AmaraLend v2, users can deposit LP to autocompound module for two advantages.
Firstly, Amara will help users gain higher APY by putting LP to DEX automatically, getting mining reward and autocompounding the reward. Secondly, after depositing LP, users can borrow USDA, stablecoin under Amara algorithm, by staking LP besides autocompound, which creatively releases LP liquidity.
Of course, USDA can be put into the recycling model to get more benefits.
For detailed technology doc of AmaraLend v2, pls refer to our Wiki:
Q4: Moonriver is a fresh network it’s interesting why did you choose it?
A4: Yep, I totally agree that Moonriver is a cutting edge network, which is full of opportunities.
We chose Moonriver for many reasons.
Firstly, our project based on Polkadot ecosystem and Moonbeam is one of the most famous projects within. Moonbeam is very promising in development and has extensive community users. We can see the hot of Moonbeam through Polkadot parachain solt auction.
Secondly, Moonbeam introduced EVM on Moonriver, earlier than any other parachain. Moonbeam is compatible with Ethereum and Substrate, which makes Moonbeam the best entrance to Polkadot world for solidity developers.
I want to thank Moonbeam team here. They are very nice and helped us a lot, especially Derek Yoo, the CEO. Derek is very friendly. We are honored to cooperate with such an excellent team.
So after deep consideration, we decided to deploy our products on Moonbeam first.
Q5: It would also be nice if you could explain the function of $MARA token and expand our knowledge about his use cases.
A5: MARA is the governance tokens of AmaraLend. Users around the world can join the governance of AmaraLend by holding MARA. Amara team seeks a decentralized governance way like DAO, aiming to build an excellent infrastructure for DeFi 2.0 with the efforts of all MARA holders.
MARA can be used for:
1) MARA holders can vote online for the LP lending market. After learning information of related assets, MARA holders can vote if the lending market of corresponding asset should be open.
2) Lont-term supporters of Amara can be part of the platform governance. They will get service reward which is from the profit of Amara.
Host: End of section 1. Thanks for your answers in this section
Host: We will move on to section 2, Twitter Questions. Are you ready?
Q1: As an individual user,what ways can I contribute to the development of Your AmaraFinance” Project? Do you have Ambassador programs and What is its benefit? (@PappuCrypto)
A1. We are very happy to follow our project, we launched our ambassador program a few months ago and now the cumulative number of applications for global ambassadors has reached 800.
Here is our ambassador program
You can use the form above to apply to become an Amara ambassador, and we have great gifts for all of our ambassadors!
Q2. Do you need to do KYC on your project? What is the minimum and maximum investment amount when investing? (@saboturk34)
A2. Now to participate in investing in Amara, KYC is required, and this time the amount per person participating is between $100–300.
Q3. My question is why in the rapidly growing crypto industry, why amara only supports matemask and polkadot wallets and how do you follow up against a possible hacking? (@redlivina)
A3. Amara as a DeFi project, security is always persistent pursuit, our wallet in the test network is only supported by the two wallets, we and Coin98 also reached a cooperation
We will continue to support more wallet ecology and expand the influence of Amara products in the future.
With regard to dealing with hackers, you know that for the DeFi project we will do prevention in several ways
1 Our team actively summarizes and extracts lessons learned from any attack that has occurred in history
2 We have been maintaining close communication with audit security companies, regularly communicating with them to learn the industry’s cutting-edge security knowledge, and constantly improving the security of our products.
3 For each innovative product, we will first continuously test and polish it, and then go online one functional module at a time.
We beieve that through our efforts, we will be able to give users a safe and usable innovative prodluct
Q4. When I browsed your site, I saw “AmaraPay, an aggregated payment gateway protocol responding swiftly across the world”. Can you talk about the speed mentioned here? How good will it be compared to other payment mechanisms? (@umut_dvl)
A4. In the payment, joint with many banks, through the aggregation of payment to create a safe and stable system
First, the whole process to achieve a sensorless payment, the user just need to provide the account, you can pay quickly
Secondly, through the method of cross-verification by multiple banks, the security of funds and transactions are guaranteed to the maximum extent
Q5. Could you tell us which userbase is “Amara Finance’ main target?Do you focus only on big Investors or small retail Investors also can be a big role in your project? Have any plans for global expansion and have any highlighted features,& educated program for the new investors?
A5. Regarding the problems we want to solve in the future, we are hoping to really solve the long-tail asset liquidity problem through product innovation and expand more usage scenarios
Regarding users, Amara was born in the community, and by solving these problems faced by the market, it really feeds back these dividends of ecological growth to the community users continuously.
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.