Amara July 2 AMA Recap |Crypto SquadX Community
We are pleased to announce our latest AMA on Friday 2nd June 2021 at 02:00 PM UTC With Amara Finance.
Neal, Amara team’s member and north American BD leader, joined this lively AMA. Thanks to the huge response from our community and all the meaningful questions raised by our members.
Let’s recap this AMA!
Neal：
Hello mates!
Host：
Let’s Proceed to The Introductory Session Without Any Delay ):
Neal：
glad to be here
Host:
Can you briefly describe what is #AMARA ? We would like to know more about it and how it works.
Neal：
Sure! Amara Finance is a multi-chain assets lending platform built on Acala Network focusing on the DeFi growing market within the polkadot ecosystem. On the platfrom, we will launch high quality long tail assets and mainstream assets, cross-chain bridge protocol Maralink, NFT related products, lossless lottery, variable interest, and a series of financial derivative products.
Our goal is to become a full financial service platform and the liquidity hub in the crypto space.
Done.
Host:
What are your main features that distinguish you from other projects and what competitive advantages do you have?
Neal：
Amara is a lending that focuses on high quality long tail assets, which is very different from other lending projects that only cover mainstream assets. Long tail assets lending is very chanllengeable, but with huge rewards. We are looking to build a model that is going to generate yumy returns with reduced risks.
Amara is also developing its own cross-chain bridge protocol so users can transfer assets between other blockchains and Polkadot. With that, we will become a multichain assets lending platform, achieve multi-chain deployment, and eventually become the liquidity hub in the crypto space.
Amara is very likely to be the first application that is going to launch on Acala Network within Polkadot ecosystem. We have the first-mover advantage. Imagining tons of users will join the Polkadot ecosystem just like they did on other “new” public blockchains.
We are also going to develop NFT related financial products, which is a very new area to explore.
Done.
Host:
Are you working on any partnerships or marketing initiatives to help build awareness for your platform?
Neal：
yes. We have been actively working on partnerships. We have built a strategic partnership with Phala Network to develop Maralink, our cross-chain bridge protocol. We have started to work with top projects like polygon and solana for future collaborations.
For marketing, we have been engaging with global communities in the past few weeks. We are conducting airdrop campaigns via our channels and global communities. This week, we start our Weekly Quiz and Rewards in our telegram channel so our followers can learn more about Amara and earning rewards.
We also work closely with media partners, as you might know, we recently released Amara seed round funding news across hundreds of media channels.
Done.
Host:
What are you looking most forward to doing in AMARA?
Neal：
That will be the launch of Amara which is expected to happen at the end of August. That’s a big milestone as we will be releasing products that our team has been dedicated to develop in the past few months! Users will finally have the chance to experience our products, give us feedback, and start to earn great returns! I am very excited for Amara and our community for that moment!
Done.
Host:
Could you please provide some progress on your Roadmap and what results AMARA has achieved so far? And any sneak peek into 2021 plans for AMARA ?
Neal：
Yes. We are a results oriented team as we focus on delivering goals that we promised.
In April, we published our whitepaper, completed the test of AmaraLend on Ethereum, and finished our seed round investment.
In May, our website went live.
In June, we deployed AmaraLend on the Acala Mandala TC6 network, did asset tests with USDT, ACA, BTC, and DOT, and began the yield farming on the test network.
We also developed a strategic partnership with Phala Network and initiated a global airdrop campaign. We had the honor of being invited to join the Solana hackathon!
In July, we will release our products in Beta for testing. You all are invited to sign up, complete the test, and get rewards.
In September, we will work on upgrading our lending model that is going to implement “Interest Bomb”. Also, AmaraLend V1 and Maralink beta version will be released.
From November to December, we will launch an Innovation Zone for high quality long tail assets.
We have been working tirelessly, and will continue to grow!
Done.
Host:
Let’s Proceed to The Twitter Section! ARE YOU READY?!!
Neal：
let’s go bro.
Host:
Let’s Proceed to The Twitter Section! ARE YOU READY?!!
Neal：
let’s go bro.
Host:
Multi-asset pools expose lenders to risks associated with all the included assets with no control over the collaterals against which their funds can be lent. How can Amara as the biggest multi-asset pool control this risk for lenders?
Neal：
Good question, but I don’t agree with everything. Multi-asset pools do have risks, but users’ borrowing limits are tied to the value of assets they staked. So risks are under control. Smart contracts will be developed and audited to minimize risks of being manipulated. We have also designed risk margin pools and insurance pools to minimize impacts of extreme marketing conditions.
Asset safety is our top priority. We are dedicated to develop products with competitive returns while minimal risks.
Done.
Host:
Right now issuing a token is a rather simple process. However, building the system and ecosystem is the most difficult part. My question is, How will the demand of the token will increase and how will this token use within the ecosystem?
Neal：
Very true! If you follow our community channels, you will learn more about our development including our platform and ecosystem. I believe, as long as we are doing the right things for our users and building the right products, people will come. Also, we have designed our tokenomics with equitable distribution and sustainable growth in mind. 55% of tokens will be mined as incentives for users of our products.
A resonable vesting schedule has also been developed. Here is a quick overview of $MARA use cases:
Done.
Host:
I read that AMARA will have for the future “Flash Loans”, can you tell us more about such loans? What advantages will they give to people and what will make this loans different from other ones on your platform? Who will be able to request for this loans?
Neal：
We are thinking about Flash Loans, and other types of unsecured loans. It is a great concept, however we are aware of risks behind them.
Considering recent flash loans attacks, we are carefully evaluating this type of products, and trying to develop such products with better risk management and lending models.
Please follow us closely. As we move forward, more details will be released!
Done!
Host:
Unsecured Debts and Derivative Debts are two of the highlights of Amara’s Dapps,so can you explain more about this Debts in your platform? Why do you have two kinds of Debts? Which Debts is more negotiable and more efficient in terms of having collateral?
Neal：
Unsecured debt is a loan that will be issued without collaterals. We plan to design a new model based on users on-chain and off-chain data, to evaluate risk of a requested loan. Derivative debt, is a good topic to explore. Choosing which product will depend on users’ risk preference and needs, what we want to do is to make sure the risk of product is under control.
Done.
Host:
A strong community not only brings interesting ideas to the project but also attracts larger partners. So how Amara planning to build its community? And is there a plan to recruit people with Blockchain experience to the Amara team?
Neal：
I agree with you! The first step we do is to engage with global communities. I am doing it right now. Next, we will build local communities in different countries.
We are actively expanding our team as well. So you are welcome to introduce yourself or your friends to us for consideration.
And with our community, we will keep interacting with our members with great products, events, news, and incentives.
Don’t miss your opportunities to get rewards! Join us and see you at the moon!
Nowadays, NFT is becoming more popular, many projects come out related to NFT. So how do you rate the potential that Amara Finance NFT can bring? Do you have any plans to make NFT become a new market trend?
Neal：
It’s going to be huge. The liquidity of top rated NFT assets are attractive to owners and investors. I am a big fan of NFT. Amara will be very active in developing NFT related financial products. And when time is good, we will issue our own NFTs.
The liquidity of a project is what investors are interested in. How will you solve the liquidity problem of Amara Finance? Do you have plans to list on major exchanges like Binance or Houbi?
Neal：
While we have very good AMM based DEXs already, listing on major exchanges is part of our plan. But, are you willing to lose all the perks of holding our tokens to centralized exchanges? Think carefully. We are also debating too.
Can you tell us more about the members of group AMARA? As we have said many times, the excellent team and members behind the project is one of the most important factors for success.
Neal：
Yes. We have a very strong team. And we are results oriented. Our core developers are early code contributors to Polkadot. CTO has many years of experience in leading technology companies and blockchain projects. Our operation and marketing team has years of experience in finance, media, and community building.
What problem does the AMARA solve and what are the innovations in the solution?
Neal：
We are trying to solve the liquidity issue for long tail assets due to unstable demands. It is challenge as we need to find quality assets with huge potential. We have designed a evaluation process to rate long tail assets. We also look to utilize off-chain and on-chain data to support our risk evaluation models. We have designed risk management mechanisms to control risk for outlier cases.
Can you explain in detail why did Amara Finance focus on long tail assents lending? What are the risks involved? What are the precautions takes by Amara Finance to tackle potential threats? And How does Amara Finance make sure that such markets are resistant to manipulation?
Neal：
I believe many of us in the DeFi space know that these leading DeFi lending projects like AAVE, Compound, and MakerDAO are very cautious about selecting assets due to risk consideration. They only cover mainstream assets that have been widely recognized.
Because of that, it becomes an opportunity although with challenges for Amara, however we believe we can make it happen and should bring a different lending platform in the crypto space. And from a market perspective, there are real needs for long tail assets. Look at DeFi in the past year, we have seen the explosion of long tail assets like COMP, Link, Uni, and Matic.
Therefore, we will be very focused on developing the long tail assets lending products to meet the needs on the market, and continue to grow and expand the cross-chain DeFi ecosystem based on Polkadot.
Done.
Thank you for having me!
About Amara:
Amara is a multi-chain assets lending protocol within the Polkadot ecosystem, focusing on open, privacy preserved, multi-chain lending markets. Amara seamlessly connects mainstream digital assets and top rated long tail assets that improve overall liquidity and expand the DeFi horizon. To achieve these goals, one of the top priorities would be building the bridge based on TEE trusted computing. Eventually, we want to become the hub of lending and exchange in the crypto world.
Follow us：
Official website:www.amara.finance
Twitter：https://twitter.com/AmaraFinance
Telegram：https://t.me/AmaraFinance
Github：https://github.com/AmaraFinance
Medium：https://medium.com/@amara.finance
