Amara June 23 AMA Recap | @thecryptostalkers
On Jun 23st 2021 at 2 PM UTC.
Neal，Amara head of BD North America，be invited for an AMA in the @thecryptostalkers telegram group.
Check out the AMA Recap.
Host:
Welcome to The Crypto Stalkers @neal
Neal:
Thank you! Excited to be here.
Same here. Thank you for having me here.
Host:
Should we start with your AMA session？
Neal:
Let’s diving in.
Host:
Here we go 🚀
First of all please introduce yourself and your team. What are you thoughts regarding bearish market trend？
Neal:
Sure! Great to hear that!
I am Neal, head of Business Development of North America at Amara. I’ve been into crypto since 2017 with a background in data science with experience in developing machine learning applications in different fields. Our CTO Simon has more than 15 years of experience in developing technology projects including some of top public blockchain projects. Our core developers are early contributors to the Polkadot infrastructure who also received Web3 grants for their contribution. Operation team brings many years of experience in finance, media, and community building. Overall, we are an experienced and dynamic team who are capble of making things happen.
Host:
Glad to know more about you!
Let’s hear main Questions
2. Briefly can you please define the main concept behind “Amara Finance“？
Neal:
Sorry I forgot about the market part. Regarding the market, I think it is very important to look at it based on your investment timeframe.
We are not too worried about the market condition as we are here to stay.
Regardless of market conditions, lending and finance services are real needs, and we are here to meent the needs and provide services.
For quetion 2, Amara Finance is a multi-chain assets lending platform based on Polkadot and Acala Network. We are also building a cross-chain protocol to connect assets on different blockchains to the Polkadot ecosystem. Eventually, we want to become a full financial service platform for daily users with growth and security in mind.
Host:
Yeah! Say “Done” when you completes your answer.
Next question
3.When you’re launching Amara Finance? Please drop major events of your roadmap.
Neal:
We have a lot of things going on!
This month, we have announced a strategic partnership with Phala Network. We are also invited to join Solana Hackathon.
Global airdrop campaign and AMA marketing is ongoing. Please join our social media channel to keep updated with Amara news and events, and get rewards!
IDO details will be released at the end of July
we are expecting to launch Amara lending platform at the end of August once Acala network gets Parachain Slot. The products and platform has been developed, and is currently under internal testing. We will be the first few projects on Polkadot!
Cross-chain protocol Maralink is under development, and expected to launch at the end of this year.
Done
Host:
Wish you best of luck with that!
So many things yet to come
Neal:
Appreciate that~
Host:
Next question
4.Please share tokenimics and vesting schedule, How its different from other finance?
Neal:
We have a very thorough design and consideration for Tokenomics. While it is not finalized yet, our goal is to make sure the distribution of Token is equitable and sustainable for growth. A quick overview below:
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)
In addition, users can stake MARA to increase lending limits, reduce liquidation risks, earn more mining rewards, increase margin, and etc.. Withdrawal fees applying to some products will be used to buyback MARA and burn.
done
Host:
When sales are scheduled?
Neal:
IDO details will be released at the end of July.
Please join our community to have latest updated.
Host:
Next Question 🙋
5: You seems to be offering great features what’s the main feature of Amara Finance in which team is concentrated?
Neal:
In the early stage, we will focus on releaseing high quality long tail assets liquidity with minimized risks. In the meantime, we will work on developing Maralink to bridge the cypto world so that good assets can be brought into the Polkadot ecosystem. This is very important to the crypto space. Later on, we will release NFT related financial products.
Done
Host:
Got it! Excited about that really
Neal:
Me too!
Very proud of our tech team!
Host:
Do you have competitors doing this or you’re first to offer these features?
Neal:
We don’t see many lending platform focusing on high quality long tail assents.
And even less projects have the capability of building their own cross-chain protocol.
NFT related financial products are new concepts.
So we are good!
Host:
Surely
Let’s take some Questions from Twitter Announcement.
You ready?
6: Institutional financial backers are at risk, and money in digital form is extraordinarily effective. How do you persuade them to come into the crypto space and invest in Amara finance items?
Neal:
We have institutional investors invested in our project. And we have seen huge institutional adoption that is not slowing down. I am sure we do not have to educate them about high rewards and high risk nature of crypto assets. More importantly, Amara has a great team with competative edge in development and products built for real use cases. Investors will see that. We will be focused on polishing our products, growing user base, and building our community.
done
Host:
Great stuff! 🙌
Crypto is Future and adoption is increasingly high.
7: AMARA Finance is a platform that let users do Swaps token from Polkadot to others chains( and vice versa), but how many chains are you talking about? The same as Polkadot it supports?
Neal:
Yep, no doubt about that!
Yes. Cross-chain bridging is what we want to achieve. We are looking at major blockchains, such as Solana, Polygon, etc..
Host:
Like I said before, it is very important to the crypto space.
Next question
What are the major concepts behind this project?
How you thinks about This name Amara for your project?
Neal:
We have covered about major concepts earlier. For name, it is a very interesting process. We thought of many names, such as Fides, which has the meaning of trust and good faith. Eventually, we choose 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.
Host:
indeed, Like naming for you baby!
Next question
9: Long tail assets are often forgotten, but they are a big problem for many companies. What tools does AMARA offer to provide solutions for these assets and can they guarantee speed, security and low cost?
Neal:
so the major issues is liquidity of 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 proper 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.
Host:
Great!
Next Question
10: 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 ?
That’s interesting 👀
Neal:
yep. A question could be for all crypto projects. The good thing is people are getting to know more about crypto and blockchain. Large institutions are continuously fomo in. We are building a platform that is easy to access for non-crypto users. Combined with right incentives and easy to use product, we are optimistic about non-crypto users joining us.
done
Host:
Indeed Crypto is Future.
Now it’s time to attend to live Questions of our telegram community for this I’ll open up from for next 2 minutes and after that you’ve to attend 5 Good Questions from 5 Different members and answer them.
You Ready？
Neal:
Yep
Amara Finance will be in it!
Host:
Here we go!
@lusiana_lambreth
As an individual user, In what ways can I contribute to the development of #AMARAFINANCE? Do you have the Ambassador program and what are the benefits?
❤️❤️❤️
Neal:
I am glad to hear this idea. We certainly should have one. Stay tuned! We will add this in our work plan.
Host:
4 More Questions
@kaluya55:
Are you planning to burn or buy back any tokens from the market in the future? Do you have such programs?
Neal:
Some burning mechanisms have been designed. For example, when users withdraw assets, a small amount of fee will be chareged to buy back MARA and burn. We are continually working on it, and more details would be released later.
@jonhjo:
Are you currently on track to reach all of your 2021 roadmap milestones and which stage are you most excited about?
Neal:
Yes. We are on track of reaching our milestones. personally, the most exciting part is we are reaching out to global communities to listen to your questions and feedback. It will be helpful to improve our products!
And for our project, launching our platform on mainnet and maralink will be very excting for sure!
No doubt in that 2 Questions left.
@azatxxg:
Does your project support staking program?if yes. how is your stake system work, what is the requirement for user if they want to stake in your platform?
Neal:
Yes. we have staking and farming. Holding MARA will gain more rewards.
Host:
1 Last Question left.
@Ruma_pro：
During your project development, did you consider community feedback or 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 products????
Neal:
Yes. That’s a very important process. We will let community weigh in more on governance later on.
Host:
Thank you @Neal for your precious time.
It’s honour for us to host you guys
I’ll recommend everyone to Join their telegram channel if you’ve further Questions 👇
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
