Amara June 21 AMA Recap | MassMoon Community
On June 21st，2021 at 14:00 UTC，Neal, Amara’s BD Lead for North America, was invited to conduct an hour and a half AMA in the MassMoon community.
Neal, Amara’s BD Lead for North America, was invited to conduct a one and a half hour AMA in the MassMoon community.
The AMA was divided into two segments.
- Segment 1: Project Insight
- Segment 2: Community Question
Below are the Recapitulation of the text of the AMA.
Host：
Hello @Neal_666 welcome to MassMoon AMA Marketing and Promotion Telegram community
Neal:
Hello everyone!
Excited to be here
Host:
We are thrilled having you on board
Neal：
Thank you for having me!
Host：
I guess you are ready to educate the Community more about your project and also attend to their questions properly?
Neal：
Yes bro. Let’s go!
Host:
Good
Neal：
Have been waiting patiently!
Segment 1: Project Insight
Host:
AMA of two sessions the first session is for Introduction and brief about your project While the second session is for Live Community Questions
Let’s proceed to the first session of the AMA
Here comes the Question 1:
Can you give our audience a brief introduction of yourself and also What Amara Finance is about?
Neal:
Sure! First thing first. I am Neal. I have been into crypto since 2017. I have a background in data science with experience in building machine 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:
Please kindly type NEXT to proceed to next question
Neal:
Amara is a multi-chain assets lending platform based on Polkadot. We are building our protocol on top of Acala Network. We are very likely one of the first few projects to be developed on Acala Network. Our goal is to become the liquidity hub in the crypto world that connects crypto assets with frictionless transfer experience. The creation of Amara will bring more opportunities and possibilities to DeFi
sure. we can go NEXT!
Host:
Wow 2017 quite a long experience.
Neal:
Not bad I will stay 😉
Host:
How many people made up the team behind this project?
Neal:
We have about 20+ in our team, half of team numbers are developers.
And we are activcely expanding.
Host:
I guess the team are anonymous?
Neal:
Yes. We focus on building products and platform at time moment!
Host:
Thanks for your response
Let’s proceed to Question 2:
Is there a story or inspiration behind the build and Creation of Amara Finance?
Neal:
For sure. Long story in short.We have been in the crypto apace for quite a while. And we have seen huge growth in the past years and we have no doubt about the future of blockchain and decentralized technology.
With the success of Bitcoin and Ethereum, we believe Polkadot, the next generation of blockchain will win and elad the development in the space due to its scalabiilty and interoperability nature.
Meanwhile, the explosion of DeFi makes us realize the huge potential of decentralized financial applications. We have seen new trends and opportunities including but not limit to:
1. Ever growing needs for transparent, efficient, and self-controlled financial models/applications/services.
2. Fundamental technology infrastructure for financial applications development
3. Decentralized and trusted (trustless) network for high speed and volume of transactions.
4. Free and frictionless communication and flow of assets
With these observations, we bring Amara Finance to the world so the broader consumers can benefit from our services and products built with blockchain technology.
Host:
Wow
Neal:
I like that
next
Host:
What the relationship between Polkadot and Amara？
Neal:
We are building our platform on Acala Network, which will most likely get the Polkadot Parachain Slot.
And we are working closely with Acala Network team to make that happen
next~
Host:
Question 3: What critical problems does Amara Finance slove that existing sloutions are not sloving and what’s the competitive advantage of Amara Finance?
Neal:
Our team was also awarded Web 3F Grant
which is associted with Polkadot.
The liquidity issye for high quility 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 proper risk management mechanisms. we want to change that. Simply chsing unrealistic returns is not what we want to offer. 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 losses.
Second is 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 corss-chain bridges have been developed gradually, a comprehensive bridging system is not yet developed. With Maralink, we want to achieve that. Our team are early contributors to the development of th Polkadot infrastructures, and will be the first few projects on Polkadot and Acala Netowrk. We have first-mover advantage to bring the interoperability and scalability nature of Polkadot ecosystem to other major crypto ecosystems.
Host:
Wow this amesome
Very detailed information
Let’s proceed
Question 4: Enlighten our community about your Tokenmics, And Upcoming Development, will there be NFT, Staking and Farming.
also what’s the UTILITY of the Amara Token？
Neal:
Neal, [Jun 22, 2021 at 12:31:42 AM]:
good question! and i believe many of us are very interested in that.
So we have a very thorough design and consideration for Tokenomics design. While it’s not finanlized yet, our goal is to make sure the distribution of Token is equitable and sustainbale for growth
Mara is the governance token on Amara. In early stage, it will be mainly used for community governance. users can also stake MARA to increase lending limits, reduce liquidiation risks, earn more mining rewards, increase margin, and etc.. In addition, vToken will be minted/destoryed when assets are staked/unstaked on Amara. The interestes gained for lending assets will be real time and auto-compounded. The platform will also charge a small amount of MARA for destroying vToken and MARA collected in the process will be burnt. A deflationary tokenomics!
The total supply of MARA is 150 million. 55% will be distributed as mining rewards and liquidity provider rewards as incentives for community members using our products. 11% will be for public sales. 4% for institutional investors. 20% for team. 10% will be funded for developers, bounty programs, ecosystem contributors. For more details, please refer to our whitepaper that you can find on our website and community channels.
There will be Staking and Farming as well as NFT related financial products.
For updated development and news, please join our community!
next
Host:
Question 5: Can you briefly describe the top milestones you have achieved and your target milestones withe timelines, also share your roadmap?
Neal:
We have been growing a lot! Our platform and products are currently in Beta. Once testing is done after Acala mainnet being launched, we will deploy our contracts and officially launch our platform. This is expected to happen in late August.
We are also very excited to reach out to global communities to listen to your questions, thoughts and feedback. It helps us build a better platform and products. We encourage you to join our community to learn more about us, follow our news and events, and get rewards!
At the end of July, we should release more details about IDO.
And later this year, we look to luanch Maralink and complete the bridge between Amara and other blockchains. This is very important to Amara as well as to the whole crypto space. We already started the proess working with top projects like Solanna and Polygon.
next
Host:
Question 6:Tell us what are your upcoming development plans, And what do you hope to achieve in the next few years?
Neal:
For the next few years, we will focus on polishing and expanding our products.
We aim to becoming the liquidity hub withe the impementaion of Maralink.
We will work on getting MARA listed on major exchanges.
And eventually, we want to become a full service DeFi platform for everyday users with growth and security in mind.
next
Host:
Here comes the last question on this session.
Can we have Amara Finance compete in the Top 80 Crypto Project in 2 years time?
Neal:
I am looking forward to it and we will be working tirelessly to achieve that. It will be more exciting if you join us in the process!
done~
Segment 2: Community Question
Host:
Great
Amazing, very brief and detailed explanation thanks so much for your time
Before we proceed to the last session which is live Questions form Community please you all should kindly join Amara Finance project Telegram community and channel.
👇👇👇
Neal:
Thank you!
Host:
Group will be unmuted for 2 minutes ensure to drop your Questions on time……
Neal:
Amazing community!
So many questions ! Please allow sometime to pick questions.
Users are vert excited about Polkadot projects this year, so what makes Amara Finance differnet from other bridge projects?
Neal:
Amara Finance is a multi-chain assets lending platform looking to become the liquidity hub in the crypto world. We are developing financial products as well as building cross-chain bridge technology. Not many projects are capable of doing both!
Only getting users, holders etc is not everything. In my opinion, a project needs to deal with solving a real world issue or problem What is the problem that your project primarily focuses on?
Neal:
Great question! We work with many mining business, from small to large, who has real needs of borrowing assets.
Adoption & Awareness about Platform is very important for any Creator as well as Users! So, What are your plans to attract more users as well as Creators with Non-crypto users too?
Neal:
This is a question should be asked for every crypto project. And this is a critical one for us in the space. The good thing is more and more people are getting to know about crypto and blockchain. large enterprise and institutions are continuously fomo in. From product side, we are very focused on building a platform that is easy to access for non-crypto users. Education is expensive, we want to promote self direction learning path. Combined wiht right incentives, our approach would be very helpful to attract non-crypto users.
Institutional investors are risk averse and cryptocurrencies are very risky. How do you convince them to come into the crypto space and invest in Amara Finance products?
Neal:
They are coming to crypto space and they are coming big. We have institutional investors that have invested in our project. A team with right experience and products like Amara Finance will attract many insititutional investors!
Security is the most important thing for users. Can you tell us about the safety of your platform? and is there a guarantee for that ??
Neal:
You are right! 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 implemented. 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 insurance pool, risk isolation, reserve fund to minimize overall risks and impacts to users.
That’s it I think
For more questions and follow ups, please join our community and we will have people help you!
Thank you all again for your participation! This is really amazing community!
Host:
Kindly drop all useful Links to your project for quick
Also if there’s any infographics kindly drop it
Thanks so much for your time we sincerely appreciate your presence 💗 hope we meet some other time 💕💕💕
Neal:
Thank you again. see you all around.
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
