Amara June 24 AMA Recap | @ID Crypto Official
On Thursday, June 24th, 2021 at 2 PM UTC |21:00 GMT+7
Speake: Neal (Head of BD North America)
✨3 sessions for the AMA:
1) Project Introduction.
2) Forward The best Question on twitter.
3) Free asking.
The Below is AMA Recap.
Welcome to our community, we are glad to be with you here.
Thank you for having me.
I hope you ready for AMA today.
Hey! I am good to go.
Enjoy with our AMA guys.
We have 3 sessions of the AMA, where each of your sessions will have questions to answer, and when you are done explaining, Please say “done”.
All right, let’s start
SESSION 1 INTRODUCTION
Please introduce yourself and tell how you started a crypto businenss to the idcrypto community?
Sure! Hello every one! Excited to be here.
I am Neal, the Head of Business Development of North America at Amara. I’ve been in crypto since 2017. I have a background in data science with experience in developing machine learning applications in different fields. Our team members all have been in the crypto space for quite a long time. We have seen tremendous growth in the past years and we 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 lead the development in the space due to its scalability 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:
- ever growing needs for transparent, efficient , and self-controlled financial applications /models/services.
- Fundamental technology infrastructure for financial applications development
- Decentralized and trusted (trustless) network for high speed and volume of transactions.
- Free and frictionless communication and flow of assets
With these observations, we started Amara so the broader consumers can benefit from our services and products built with blockchain technology.
Thank you for introducing yourself, I will give time for members to read it
Okey Next Question.
Can you introduce about Amara Finance and how long your project launch!?
Amara Finance is a multi-chain assets lending platform within Polkadot and Acala Network.
We will be in the first few projects on Polkadot and Acala Network.
We are also building a cross-chain protocol to connect assets on different blockchains to the Polkadot ecosystem.
Our goal is to become the liquidity hub in the crypto space.
That is a very import step to Amara sa well as to the crypto world.
Eventually, we want to become a full finance services platform with growth and security in mind.
We are expected to launch at the end of August once Acala Network gets Parachain slot and launch Mainnet.
Polkadot ecosystem, right? it’s very interesting, Thank you for detailed answer.
I can’t wait to see it.
yep, Make Polkadot ecosystem stronger
Okey, Next One.
Can you share with the community what Amara Finance has been doing from the Roadmap?
We have been working tirelessly!
In April, we published our White paper, completed the test of Amaralend on Ethereum, and closed our seed round investment.
In May, our website went live.
In June, we deployed Amaralend on Acale Madala TC6 test network, did asset tests with USDT, ACA,BTC and DOT, and began the yield farming on testnet.
We also developed a strategic partnership with Phala Network and initiated a global airdrop campaign.
We had the honor to be invited to Join Solana Hackathon as well!
What will do next?
We will start internal testing of our products where users can signup the test，complete their test, and win rewards!
August is a big month since we are going to officially launch our platform.
After that, we will start to upgrade lending model and develope “interest rate bomb”, test Mara-link，which is our cross-chain bridge protocol.
So Please join our community to keep updates with last news, events , and getting rewards!
Amara Finance’s Journey is very interesting, I hope Amara Journey in the future will be much better.
Don’t forget to join@Amara Finance to follow Amara next journey and update.
Thank you ~
It will more interesting if you join the ride with us!
Alright, I think that’s enough for the introductory session, I’ll continue it to the second session.
SESSION 2 TWITTER QUESTION
Amara DApps also supports derivative debt, can you explain what items can be used as collateral?
and how to determine the exchage rate according to the borrowed and guaranteed?
Although we haven’t touched on derivative debt on Whitepaper, I think it is a very good topic to explore. We have plans to develop derivative products as we want to become a full financial services platform.
We will look into that.
I also encourage you to follow our development, and tell us more about your ideas, so we can build better products!
This is the power of community!
Thanks for the answer.
Okey next question.
With so many features in the AMARA project I’m interested to know about point 3.3 in your whitepaper regarding yield farming, can you explain in more detail to us?
Yes, We have designed three yeild Farming mechanisms.
One is that you can stake assets to earn yields.
Second is that you can use our lending products to earn MARA.
either being a lender or a borrower.
The third is you can provide assets to liquidity pools to earn fees and rewards.
Of course, we will cotinue to develope good yield farming mechainsms.
Thanks for detail answer
Amara Finance is a centrally focused money market protocol for asset borrowers. Secured debt position model, how does it help improve this lending model? When using polkadot, will $DOT be used as the first default collateral? What will its role be?
So when we design the lending model.
we think about return and risks.
Our goal is not chasing unrealistic return, and we have seen so many failed models,
We designed many risk management mechanisms to reduce the risks and impacts yo users on our platform.
DOT will not be the default collateral, but it will play a very important role in the lending market, Just like ETH to AAVE and Compound,
DOT will also be a core asset that we buy as part of our reserve fund.
overall , we want to make sure the secure of our platform with good returns.
I hope Amara Finance will become a successful model in the future.
Let’s make it happen with the power of community.
we have an experienced team that is capable of doing things need to be done.
I hope you get the full support from the community.
Okay, question 4
Could you elaborate the Unsecured debt and Derivative Debt of Amara Finance? What is the difference between the two debts? Which is more recommendable and negotiable debt between the two?
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 risks of a requested loan.
Derivative debt, like I said before, is a good topic to explore.
Choosing which product will depend on users’ risk preference and needs, but what we do here is to minimize the risk.
Alright, last question for this session
The first quarter of 2022 says that AMARA will be introduce the NFT to its ecosystem, but this assets will it be just collectibles or do you have planned a real use case to them?
NFT related financial product will be our focus in the beginning.
We want to release the liquidity for top rated NFTs. There are many possiblities here for NFTs. We are confident about these products will surprise the market.
Alright, the second session is over. We will continue to the third session.
In this third session, we will activate the chat feature again, the participants are allowed to give direct questions.
As an investor how can I buy the token? Is it already listed on any exchange (CEX & DEX)?
Can you tell us what profits or benefits we get from your project???
IDO details will be released in the end of July. Please stay tuned!! Join our community to get the latest news!
#I want to ask, Which one the most important for you in developing the community and increasing the value of the project? Which one that Will you do first?
we are doing both! Our technical development team is working full speed. And our operation team is here to engage with global communities!
Hello, are u planning to get more list on exchange for amara in closer time? ur project really great! But i think we need more maket cap so more people know about AMARA! And are u have a Indonesian Telegram Community of amara? Thanks! @neal_666
That’s part of our plan for sure! We don’t have an Indonesian telegram community yet. Look forward to building one soon!
What to make a loan at AMARA FINANCE? And is there a % of the loan that must be paid? @neal_666
we will cover mainstream assets like BTC, ETH, DOT, etc.. We will also introduce high quality long tail assets with huge potential of growth!
I think you’ve answered 5 questions, and I have to close today’s AMA.
before I close, would you like to share something with us?
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.