Amara June 16 AMA Invitation Details | DECENTRALIZED CLUB
At 2:00 PM(UTC) June 16, 2021, Neal, Amara’s Head of BD in North America, was invited by the DECENTRALZED CLUB community to give a great online AMA.
This is part of Amara’s plan to build global brand awareness.
The following live content:
Neal：
Hello everyone!
Hi there~
What time is it over there?
Of course. Thank you for having me today.
host：
Hope you enjoy the ride today with us.
We are going to be having some few segments but before that
Can you tell quickly about your self and about your position on Amara finance team
Neal：
Sure! Hello everyone, I am Neal.
Really excited to be here today to share more details about our project Amara. I have been into crypto since 2017. I have a background in data science with experience in building marchine learning applications in different fields before I joined Amara.
I am the Head of Business Development of North America where I am taking Amara into a global perspective.
host：
We are having 4 segments.
We are starting segement 1 now:
Introduction questions
Q1. Can you tell us with what goals was Amara Finance developed?
Neal：
Amara is a multi-chain assets lending platform based on Polkadot. We are building our protocol on top of the Acala Network.
Eventually, Amara Finance wants to become a full service DeFi platform for everyday users with growth and security in mind. To achieve that, there are two main things we want to accomplish.
- One is to build our lending platform. We are likely the first few projects on Polkadot that focus on lending and borrowing.
- On the other hand, Amara also aims to become the liquidity hub in the crypto world with the implementation of Mara-link. By bridging the Polkadot ecosystem and other public blockchains, Amara will open the door to a broader user group.
That’s very exciting!
host：
Please reply with a done when you are done answering a question reply with done
Q2. Can you talk a bit about the price feed system?
Neal：
Our price feed system will lay on the ground of Chainlink to ensure data integrity and asset safety. We will also aggregate data from top exchanges for accurate and fair pricing. Chainlink is very reliable due to its high quality data, selective nodes, decentralized data sourcing, high performance, on-chain open monitoring.
However, we still need to customize and optimize the system based on the characteristics of the Polkadot network, for example, accurately adjusting the response speed according to block generation frequency.
host：
This explicit wow!
Q3. What are features in your platform that will intrigue users towards it and how does it expands Defi to new borders?
Neal：
Yeah sir!
We have many features that we are proud of.
First is Mara-link which will enable users to travel around in the crypto universe with low friction. Cross-chain technology is so important that a well developed system will bring more opportunities to the crypto space and DeFi. For users who want to come to the Polkadot ecosystem, they can go through bridges developed by Amara. That is the first step, but also a very important step for Amara to attract more users.
Second, Amara will focus on developing long tail assets lending products in addition to mainstream assets. We have an unique evaluation model for picking high quality long assets. And later on we plan to welcome our community to play an important role for hunting high reward long tail assets.
host：
Taking the superiority of 2 projects and merging it has one
Neal：
Third is NFT related financial products that are going to make high quality NFT assets more liquid and attractive. NFT value discovery will be a very interesting journey for our users, I am sure people will love all kinds of NFT related products.
We have also designed an interest rate model to make liquidity pools more resistant to extreme market conditions, and security mechanisms to make our platform more stable and safe.
After all, would you say no to a highly secure platform with so many innovative and interesting plays?
I am done with Q3
host：
you got it bro!
Q4. Why is it important to acquire and hold the native token of your platform?
Neal：
Haha! MARA holders will have a lot of benefits, for exmaple, higher borrowing limits, platform profit sharing, creting and voting on governance proposals, up to 3x mining rewards and more to come!
Get ready to be a MARA holder!
let’s move on~
host：
Last question for this segment
Q5. What are your significant achievements till now and what are your further plans this year ?
Neal：
While Amara is still in very early stage, our project has been growing tremendously. Our platform and products are currently in Beta. Once testing is done after Acala Main-net being launched, we will deploy our contracts and officially launch our platform.
host：
Alright
Neal：
At the end of July, we should have more details about our first IDO release. Stay tuned!
Neal：
Later this year, we are expecting to launch Maralink and complete the bridge between Amara and other blockchains. Like I said before, this is very important to Amara as well as to the whole crypto space. We already started the process of working with top projects like Solana and Polygon. Regarding community, we are proud of being here and hearing your questions and feedback. I encourage you to join our community to interact within the community, keep eyes on our news and events, and of course get rewards!!
That’s it for Q5
host：
Lets move to the twitter segment.
Alright
Has any thing about auditing being complete on Amara finance
Neal：
It’s in the pipeline. We shall get audited before deployment.
host：
Good to know
Let’s move to twitter question 1
Twitter Questions
Q1. Do I need passing a registration and doing a Identity Verification to Lend or Borrow crypto assets , how will #Amara Finance manage the security services ? Where does you see is the weaknesses of traditional lending structure of the finance industry ?
@Jaki73364096
Neal：
Thank you for being patient👍
host：
No problem
Take your time
Neal：
Very good question! No KYC is needed. All you need is your crypto wallet. That’s the beauty of DeFi. Assets security is our top priority. We tackle the security issue in two perspectives. One is the security of our platform and smart contracts. Best practices of security measures will be impemented. Smart contracts will be audited before deployment. The other one is risk evaluation and risk management. For products that we launch, we must have done enough due diligence to make sure risks won’t go out of control. We also design many risk management mechanisms, for example insruance pool, risk isolation, reserve fund to minimize overall risks and impacts to our users. The weakness of the traditional lending structure is that it is too complicated. With DeFi, smart contracts perform the necessary tasks automatically. It is simple, elegant, and efficient!
host：
Q2. Lending, Borrowing and other DeFi services are so much repeated in many DeFi projects, so what is the real innovation that Amara Finance is bringing to DeFi? What are you able to do that other cannot?
@lenhanmuoihai
Neal：
That is a good observation. Indeed, there are many DeFi projects, but we only see a handful of good ones. For the lending and borrowing market, we have the first-mover advantage within the Polkadot ecosystem, and we focus on solving real needs for users. For example, we closely work with many staking and mining businesses, from small to big ones, and they need to borrow assets. Part of their mining income will be used to pay interests back to users on our platform. To our team, we are experienced with deep connections and insights in the space. This allows us to see things that others cannot see, and do things that others cannot do.
host：
Q3. What do you mean by long tail assets and how do you release its liquidity? Also can you elaborate on Amara DApps?
@cradled_in
Neal：
Simply put, long tail assets are those in the early stage but with huge potentials and many uncertainties, in comparison with mainstream crypto assets. First version of Amara Dapps will be focusing on lending and borrowing. Mainstream assets will be listed first, and long tail assets will follow.
done~
host：
Noted
Let’s move to the second to the last sgement
Telegram preselected questions
Website Questions
Telegram Username: @dtv1907
Q1. As a decentralized lending protocol , How do you deal with algorithmic credit risk protocol with legacy classical services? Where are my deposited funds stored? How can I withdraw my funds ? Is there any fee or deduction to unlock assets before the lock period?
Neal：
Blockchain data is open and transparent, and our codes will be open source. In our platform, lending products are designed and operated in a differnt model from tranditional financial institutions who spend much more time building their credit risk models.
Your funds will be stored in smart contracts where you withdraw anytime you want. Depending on products, there might be locking periods and withdrawal fees. And of course, you always pay gas fees for trasactions on blockchain. I assume on Polkadot, gas fees are super low.
done
host：
What are your withdrawal fees like
And lowest locking APY and periods
Neal：
Depending on proudcts and assets.
I can’t tell you exactly numbers. But they will be very fair. And some products might not charge fees.
host：
Nice
Telegram Username: @Jemtran
Q2. According to your website, you already have markets in the Polkadot . Do you plan to move to other blockchains like Binance Smart Chain, Solana or other chains? Also, the current situation of Ethereum with respect to its high commissions and traffic on the network, has any negative impact on the project?
Neal:
We do! Like I mentioned before, we have started to work with top projects like Polygon and Solana to bridge more and more high quality assets between differnt blockchains. Currently, Ethereum is too expensive for general users, and we are here to help. By building cross-chain bridges, users will have more options for growing their crypto assets.
host：
olana is like the current hype now on the blockchain network
Neal:
Choose to work with other ecosystems is because we believe the open value in the crypto space.
Polkadot is picking up! Parachian slot auction is about to finish. We will see.
Telegram Username: @smokeweed75
Q3. My question is about your long term marketing plans. How, or through which big partnerships do you plan on utilising to pass your product onto the normal consumer — especially non-crypto people?
Neal:
That’s a million dollar question! I believe that is a critial issue facing the whole crypto and blockchain industry. Good thing is more and more people are getting to know about crypto and blockchain, larege entity adopation is huge. We definately need to work with traditional industry to make our platform more sustainable. And from a product perspective, I think we should make our platform as easy as they are using other products on their phone and computer. That’s a long game, and we are here to stay. Please follow our channel to have latest information about our progress.
done
host：
Let’s move to the live segment
I would be opening the group in a jiffy
With a 10 seconds slow mode
Group opened
I read that one of your goals is building the bridge based on TEE trusted computing. What is TEE? What activities will it allow users to do?
Neal:
TEE is trusted execution environment. It’s an enviroment for bridging assets that will make the process more secure!
Your project plans to operate in a public and transparent way, which is good, but how involved will the community be within the project to make the best decisions and thus strengthen the ecosystem…??
Neal:
Users who hold MARA will be able to create and vote on governance proposals that can help Amara become to a more community driven project. And we are always here to listen to our community’s feedback and comments so we can grow together!
When is the IDO / TGE / Listing ?
Neal:
in the end of July, we should have more details. Please follow our channel and social media.
Does your project supports, Local community, and what are the plan for awareness of project, where english is not spoken????,”
Neal:
Good question and suggestion! Right now, we are working with communities around the world to have our first global exposure!
host:
We are out of time
I think we call it a day
Neal:
Any more questions, please join our community and we will have someone to help~
