Amara July 5 AMA Recap |Im Community
We are pleased to announce our latest AMA on Monday 5th 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：
So, firstly Can you please tell us how did the name Amara Finance came into being for this project?
Neal：
Naming a project is really a very interesting process. We thought of 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 want to continue growing the Amara ecosystem with the blessing of “everlasting” the name brings to us.
Done.
Host:
What are the current problems that Amara Finance is trying to solve?
Neal：
There are two major problems that we strive to solve:
The liquidity issue for high quality long tail assets and adequate risk control measures. While bearing many uncertainties and risks, high quality long tail assets have huge potential of growth. Amara team has developed an evaluation model tackling long tail assets from 3 perspectives: potential risks, community activeness and cohesiveness, and potential of growth. We are also designing a stable interest model for long tail assets due to their unstable demands. The goal is to make sure users can have a more stable and predictable experience while using our lending products. Moreover, we have seen many failed lending platforms due to lack of property risk management mechanisms. We are here to change that. Simply chasing unrealistic returns is not what we want to offer on our platform. To build a sustainable and resilient system, we will continue to improve our risk management system so that users can see their asset growth without worrying about catastrophic loss.
Second, the connectivity in the crypto world. We have seen many thriving public chains and valuable assets. However, the problem is that they are somehow isolated. While many cross-chain bridges have been developed gradually, a comprehensive bridging system is not yet developed. With Mara-link, we want to achieve that. With an experienced development team contributed to early development of the Polkadot infrastructure, and as one of the first few projects on Polkadot and Acala Network, we have the first-mover advantage to bring the interoperability and scalability nature of the Polkadot blockchain to other major crypto ecosystems.
done.
Host：
Could you please tell us some progress on your Roadmap and the results Amara Finance has made so far?
Neal：
Yes! We have been working tirelessly and growing tremendously. 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!
done.
Host：
What is Amara Finance plans for this year?
Neal：
In July, we will release our products in Beta for testing. You all are invited to sign up, complete the test, and get rewards.
At the end of July, we will release details about our IDO.
In September, we will work on upgrading our lending model that is going to implement the “Interest Rate 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.
Overall, the goal for us is to ensure the successful operation of our platform and grow our community as much as we can.
Done.
Host：
So, firstly Can you please tell us how did the name Amara Finance came into being for this project?
Neal：
Naming a project is really a very interesting process. We thought of many names, such as Fid
Host：
End of session 1. We will move on to session 2. We will pick 5 Best Question from our members on Our Tweet.
It caught my attention that one of the features of AMARA is that Top NFTs can be mortgaged, can you tell us more about this? What are Top NFTs and how can a NFT be labeled as such? Also, what kind of mortgage can they get from NFTs and what can people do with this mortgage?
Neal：
Yes. For this type of products, NFT can be used as collateral for borrowing other assets. Discovering top NFTs will be a dynamic process. NFT assets will first be proposed and evaluated by the Amara team and our community. Then we will have the value realization process based on demand and popularity. More details will be released later. It is a very new concept to explore. If you have ideas about how we can make this process better, please don’t hesistate to reach out!
done.
Amara is built upon the top Defi components of Acala network. So,can you describe your collaboration with Acala network? What win-win benefits you have share to each other? As you are build by Acala,what advantages you see from them that brings innovation to Amara network.
Neal：
Good question!
Amara utilized Acala’s robust DeFi technology components which is going to accelerate our development. We will help develop and improve related components on Acala, for example price feeding systems.
Amara will give early access to assets on the Acala network. To Acala early adopters, especially Acala old friend NFT users, we will have extra rewards.
We are very likely to be the first application and platform on Acala, but more importantly, we will continue to support and contribute to the development of Acala and Polkadot.
The collaboration of Amara and Acala is a very important strategic move for both of us. Acala is the top project on Polkadot, which can help Amara attract more users in the beginning.
Meanwhile, as Amara builds the cross-chain bridge protocol and becomes the liquidity hub, the Acala network will be the first stop for the journey. Users from other blockchains will first flow into the Acala network, and then the whole Polkadot ecosystem.
done.
Token burning is beneficial to any project because it can control the number of tokens in circulation and provide investors with greater incentives. Does your great project have a plan for token burning?
Neal：
I agree with you. We have designed a few burning mechanisms to buy back $MARA using platform revenues.
Done.
Good question!
While you build your project, do you take into account community feedbacks and demands?
Neal：
we do! That’s also why we are here today to engage with global communities. We value community feedback and comments as they will help us build a better platform. Please join us using the links below to keep updates with latest news and events about us and share your thoughts! As you might know, you will be rewarded for your contribution and support. We always appreciate that!
done.
What are the benefits of holding your token and while holding your tokens, are there any governance vote rights for us?
Neal：
Holding $MARA token will give you many benefits. Governance votes for sure. Please see attached for use cases of $MARA. We will continue to build benefits for $MARA holders.
we have designed our tokenomics with equitable distribution and sustainable growth in mind.
done.
What are the benefits of holding your token and while holding your tokens, are there any governance vote rights for us?
Host：
End of session 2. We’ll move on to session 3.
Sessions 3: The conversation will open to the community questions and the best questions will be selected.
I realized that in your Telegram group says that your airdrop nos very soon, so can you explain us how participate and be rewarded with free tokens?
Neal：
More details about IDO will be released at the end of July. Stay tuned! We have not issued our token yet. Please be aware!
Kindly tell us more about your presale. How can i join on your presale.. There are any minimum and maximum limitations?Currently, From where we can buy sell your tokens. It it already listed any Exchange?
1@ — — 2@ — — — 3@@
Does your project also provide a platform for Dex, STAKING and Farming in future plans? To increase profits for token holders?When do you think of integrating other blockchain into the project like BSC, HECO? Any plans for higher coverage?
Neal：
yes, we will have staking and farming. We are meant to be a multi-chain assets platform. So integration with other chains is part of our plan. We actually started to work with Solana and Polygon for integration and collaboration.
Kindly explain more about your Tokenomics, Release Schedule and UTILITY, is it inflationary or deflationary?
Neal：
Our main revenue model is like a bank which is the difference between interests paid by borrower and awarded to lender.
MARA is Amara’s Utility Token and Governance Token.
MARA Total Supply：150 million
MARA Distribution Plan
4% Seed Funding Round (15% at launch, 6 quarters vesting)
11% Private Sale & Community Sale
55% Mining Rewards
10% Community & Ecology Reserved (15% initial, 4-year vesting)
20% Advisors & Team (25% at launch, 6 quarters vesting)
It is capped with deflationary burning mechanism built in.
done
Host:
End of session 3.
Neal：
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
