AMA Recap | CryptoFury community
On Jan. 14th 9:00 AM (UTC+0), CryptoFury held an AMA about Amara in their community. The guest speaker is Rachel, an ambassador in English community. The event was met with an overwhelming response from enthusiasts.
For those who missed the event, here is the recap:
Q1: Can you briefly introduce yourself as well as Amara Finance? And from where you get the project name? What does it mean to you? And why you choose this name for your project? What is your mission and vision to build this project? What you want to achieve Through your project in future?
A: Hello guys, I am Rachel, an ambassador at Amara Finance.I am so excited to share more details about Amara Finance.
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!
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 of 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: Are you working on any partnerships or marketing initiatives to help build awareness for your platform?
A: Of course.
Amara’s partners will be recognized after official announcements based on substantial cooperation in products or business.
At present, Amara has a pragmatic cooperation with Phala Network with whom we launched the original AmaraLink. It has experienced technical iterations or reconstructions.
Also, we received Polygon grant to develop our bridge.
We will cooperate with Ins for AmaraPay.
And we are integrating Chainlink price feeds system.
Moonbeam supports us a lot, although it is not officially announced yet.
We also partnered with Harmony, a very strong public chain, on which AmaraLend will be deployed.
And on 17th Jan., our first IDO will start on Solarbeam, the biggest DEX on Moonbeam.
Of course, there are some partners we are still negotiating with, including the star projects on Polkadot. We can’t say too much about it. If you are interested in our partners, move to our official website please.
Q3: What are your main features that distinguish you from other projects, and what competitive advantages do you have? How has the experience and background of your team been effective in the success of your project?
A: Features of Amara Finance are as follows:
Amara will realize multi-chain deployment to keep abreast with the global deployment trend. As high fees of Ethereum have been a hindrance to the future development of blockchain, many high-performance public chains have sprung into being, among which are Polkadot, Solana, BSC, etc. These public chains have become an important underlying infrastructure for blockchain world.
Amara Finance aims to become a cross-chain aggregation platform as aggregation features the trend of DeFi. Different DeFi protocols can be freely integrated and combined in Lego way, the significant advantage will accelerate and shape the aggregation of future blockchain.
The three core products of Amara Finance, named AmaraLend, AmaraLink, and AmaraPay, are working together to build nextDeFi and realize better cross-chain collaboration.
As for the team, the core members are mainly from the US and China. Actually we have members around the world. We all understand that the blockchain is borderless so an international team is necessary for the development of our project. Our core members are early code contributors to Polkadot and have rich experience in leading technology companies and blockchain projects, as well as in finance, media and community building.
Q1: Many blockchain projects are on paper only and don’t have any product or have a product with no practical use case. Please let us know what is Coin’s current practical product in use? What are your plans for the product to be better in the future?
A: As I said before, Amara has three core products.
1) Let me introduce AmaraLend first. We are focusing on Next DeFi, which 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:
2) Then I will introduce AmaraLink. In the future DeFi scenarios, crossing chains is the trend. Ethereum used to outshine others in the past, but now excellent chains like BSC, Solana, Polygon, Avalanche and other public chains perform well in the market, which generates the demand for cross-chain transactions.
According to AmaraLink’s development schedule, it will be officially launched in late January or early February, 2022 and will connect two ecosystems of Polygon and BSC, realizing the cross-chain transfer of “specific assets” between Moonriver and Polygon, BSC. AmaraLink will be deployed on other public chains such as Solana and Harmony based on the progress after its launch.
Maybe some friends are not familiar with Moonriver, so please allow me to introduce Moonriver first. Just like the relationship between Kusama and Polkadot, Moonriver is the pioneer network of Moonbeam. They share almost the same underlying technologies but have their own economic environment for operation . More than 60 projects are running smoothly on Moonriver.
Let’s go back to AmaraLink. Many people joke with us that AmaraLink is like an independent project. It has the highest exposure and got the most awards among all Amara products.
In May 2021, AmaraLink received Polygon grant. In October 2021, AmaraLink gained the third place in Wanxiang Hackathon for 2021 and was recognized as the most potential developer by Moonbeam. Though it hasn’t been announced officially yet, AmaraLink has received great help and support from Moonbeam. The development of AmaraLink is not only a proof of technical strength of the team, but also an important support for AmaraLend by realizing the cross-chain function that fully meets the needs of the actual production.
How to achieve it? Simply speaking, it is common to all cross-chain bridges. Two contracts of one asset will be deployed on two target chains A and B. After depositing the asset into the contract on chain A, the contract on chain A confirms and locks the asset. Receiving the news, the contract on chain B maps the corresponding asset which is also valuable and recognized by chain B. Therefore, it’s not a real asset transfer but a mapping in another chain. This is how AmaraLink works.
Regarding security, AmaraLink refers to and upgraded the popular Chainsafe, a market-proven technology solution with high security and reliability.
Actually, AmaraLend needs a safe and stable link to LP world since it focuses on LP. That’s how AmaraLink helps. AmaraLink will increase coordination for the whole ecosystem.
3)Then I want to introduce AmaraPay. To put it bluntly, it is not easy for a technical team to develop three products at the same time.
AmaraLend is the most important among the three core products. It is a lending protocol about LP liquidity, which can not only help users achieve higher APY, but also lend USDA(stablecoin under Amara algorithm) by staking LP to fully release LP liquidity. AmaraLend is the most innovative product and the cornerstone of Amara ecosystem.
AmaraLink is a multisig cross-chain bridge developed by ourselves, which achieves the cross-chain transfer of specific assets between Moonriver and Polygon, BSC. AmaraLink will become the entrance for users to Polkadot ecosystem.
AmaraPay is a global payment protocol, which is an important supplement to Amara ecosystem.
AmaraPay’s launch will bear significantly on users.
If you are a user in a compliance area, you can:
firstly, buy crypto assets with legal currency in ease and compliance;
secondly, apply for real asset cards or virtual cards to manage crypto assets;
thirdly, achieve offline payment by the crypto assets real-time price in most countries and regions around the world.
It can be said that AmaraPay will open up the boundary between traditional finance and blockchain finance, and achieve low friction and efficient circulation. In the future, crypto assets will be more closely related to our real life. We will use it in our daily lives, not just the speculation in the secondary market.
Q2: Currently, many BSC projects are hacked, what protects Amara Finance to ensure that my assets are invested in the platform?
A: Security is indeed a key issue that all the projects in DeFi have to face. Once there is a problem with safety, the project 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. Please be assured that all Amara products will be audited before launch.
Q3: Can I buy your tokens right now, and if so, which wallets do you support? Can you tell me about your team’s history? Which areas are your team focusing on at the moment? (DeFi, Stake, Dapps…) and what are your goals for this year?
A: Our token hasn’t been launched yet but it’s not far away.
Our team was built in the first quarter of 2021 with the initiation of Amara project. With the development of this project, many talents and experts were attracted to join because of their belief in our project. Now we have around 10 core members.
Our team is focusing on NextDeFi, just as I said in before, it mainly refers to AmaraLend v2. I have talk about it in details, so I won’t say it too much, you can see my answer back. Aamra aims to share the majority market with LPtoken in the future. And for the short term plan, Amara mainly focuses on IDO. Amara’s first IDO will be officially launched on Solarbeam on January 17th, 2021, and other Launchpad partners will be announced later. Stay tuned for more good news.
Q4: How important do you consider the community in the success of this project, what marketing skills are you using to build a strong community and audience, is there any AMBASSADOR program?
A: Of course we attach great importance to the community. We really respect and appreciate the community’s support.
Up to date, Amara’s Twitter followers are over 50K. Amara has a good sense of localized operation, and started the construction and operation of local communities very early. There are nearly 500 pre-ambassadors, and 60 first-class ambassadors jointly managing these communities with the team.
The community covers 16 countries and language regions, including English, Russian, Persian, Chinese, Vietnamese, Turkish, African, Indonesian, Arabic, German, Srilanka, Pakistan and Thailand. These communities are operated and managed by local ambassadors.
In addition, our local communities will hold regular meetings to synchronize their operations.
There are many ways for users to participate in the construction of Amara.
- If you are an Amara enthusiast, you can join our community. We have carried out many activities in the community, providing rich peripheral gifts, cash and other rewards.
- If you have special skills and core resources, you can apply to be our ambassador. Our ambassador application channel is open all year around. Up to now, thousands of people have participated in the Amara Ambassador Program around the world and 500 pre-ambassadors were chosen, and 60 of them became the first batch of first-class ambassadors.
Q5: During your project development, did you consider community feedback/ requests to further expand on new ideas for your project? Many projects fail because they don’t understand their target audience and customers. So I want to ask Who is the most ideal customer for your product?
A: Good questions! We really attach great value to our community, that’s why we have our operation team and started the ambassador program. Our ambassadors program is a long-term program. We want to gather more enthusiasts and talents to build Amara family together and grow with us.
Since our product AmaraLend v2 is designed to release the liquidity of LP, LP holders are more like our ideal customers. For general mining users, their LP will be locked on DEX after yield farming, which makes the capital utilization rate not high. In AmaraLend v2, users can deposit LP to autocompound module to get higer APY and can borrow stablecoin by staking LP.
Q1: Can you share more information about your IDO on Solarbeam?
A: Amara first IDO is on Jan. 17, 2022 on Solarbeam Eclipse from 13:00 to 19:00 UTC.
And we will raise $300,000 on Solarbeam and the amount of tokens is 600,000. So the price is 0.5$.
For more questions, please refer to our FAQ on IDO: https://amara-finance.medium.com/amara-finance-ido-faq-en-bf9b24252901
Q2: Are you a global project and fully decentralized? Can any person able to use Your project from anywhere in the world ?
A: Yeah, but we will use centralized way to do something in the beginning of the project, but it will be fully decentralized afterwise. our project is available in compliance area.
Q3: What’s the target market of Amara? Does Amara have any program for global growth?
A: Amara aims to expand the boundary of DeFi by focusing on the LP market. We believe that Amara is the solution to the market pain by combining vault and lending, as well as the money management function. You know in U Banking, they send users their own token, but we help users to gain stably by lending.
Q4: Most of the questions you receive during an AMA Series hosted by your team are centered around your product and services, I would like to ask you what you expect from community members, and how can we help with your project?
A: we hope our community members can actively join us and help to promote our project. ambassador program is a good way. of course we will have rich rewards for our great contributors.
Q5: Are you planning to burn or buy back any tokens from the market in the future? Do you have such programs?
A: 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 effors of all MARA holders.
MARA can be used for:
1) MARA holders can vote online about 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.
Many users may concern about the burning system of MARA.
In the program of AmaraLend v2, Amara will release its own stablecoin USDA which is minted by MARA burning. For example, the value of a MARA is 5 $u, then its burning will mint 5 USDA. Increasing demand of USDA will encourage more MARA burning. That’s the deflation system of MARA.
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.