Amara June 28 AMA Recap | Bull Crypto Team
On 28 June at 14 UTC. We are pleased to be invited by Bull Crypto Community.
Amara team’s member, Neal, north American BD leader, held this spectacular AMA event. It has been a great success! Many thanks to the community and all the splendid questions asked by our members, looking forward to our next AMA!
If you have missed out this event, don’t worry, here is our recap.
Neal：
Hello Bull Crypto community!
Host：
Let’s start AMA.
Neal：
Yeah!! Excited to be here.
Host:
Thanks.
Can you briefly tell us what Amara Finance is?
Neal：
Sure, Before that, let me share some links about us here.
So first, I want to have a quick introduction about me and my team. I am Neal, the head of BD of North America at Amara. I’ve been in crypto space since 2017. I have a background in data science with experience in developing machine learning applications. We have about 20 team members based in China and North America, of which more than half are technical developers. Our CTO Simon has years of experience in leading the development of technology and blockchain projects in top companies. Core developers are early code contributors to the development of Polkadot. Our operation team also has significant experience in finance, media, and community building.
So what are we building?
Amara Finance is a multi-chain assets lending platform built on Acala Network focusing on the DeFi growing market within the Polkadot ecosystem. On the platform, we will launch high quality long tail assets and mainstream assets, cross-chain bridge protocol Maralink, NFT related products, lossless lottery, variable interest, and a series of financial derivative products.
Our goal is to become a full financial service platform and the liquidity hub in the crypto space.
done
Host:
Why does Amara Finance focus on long tail assents lending?
Neal：
Neal, [Jun 28, 2021 at 10:10:40 PM]:
I believe many of us in the DeFi space know that these leading DeFi lending projects like AAVE, Compound, and MakerDao are very cautious about selecting assets duet to risk consideration. They only cover mainstream assets that have been widely recognized.
Because of that, it becomes an opportunity although with challenges for Amara, however we believe we can make it happen and should bring a different lending platform in the crypto space. And from a market perspective, there are real needs for long tail assets. Look at DeFi the past year, we have seen the explosion of long tail assets like COMP, Link, Uni, and Matic.
Therefore, we will be very focused on developing the long tail assets lending products to meet the needs on the market, and continue to grow and expand the cross-chain DeFi ecosystem based on Polkadot.
Done
Host:
How does Amara Finance make sure that long tail assets lending markets are resistant to manipulation?
Neal：
Assets safety is our priority. First we have a well designed evaluation program for long tail assets evaluation. In addition, we learn from others’ mistakes and have designed risk management mechanisms to minimize the risks and impacts to our users, for example, insurance pools, risk isolation, debt pool limit, and more. For more information and details, please join our community and we will have someone to help.
We will continue to develop risk evaluation models based on off chain and on chain data to support our evaluation process and build a more accurate predictive model to assist our long tail assets listing.
done
Host:
What is the relationship between Amara and Acala?
Neal：
The decentralized financial and derivative application AmaraLend is developed on Acala Network. The beta version has been deployed on Acala Madala TC6 testnet. Later, we will release the Beta app to invitte our community to sign up and test the app. Amara utilized Acala’s DeFi technology components. We will also develop and improve related components on Acala, for example price feed systems.
Amara will give early access to assets on 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 applciation and platform on Acala, but more importantly, we will continue to support and contribute to the development of Acala and Polkadot.
so join our community, and rewards and events are going big now!!
Done
Host:
It looks like the Parachain Slot Auction is going to take longer, would it delay the successful launch of Amara？
Neal：
Indeed! Not just Amara, all projects and communities on Polkadot are waiting for the complete of the Auction。
However, it will not affect our launch and schedule.
Actually , we have completed the first version of development, and will be released for testing soon.
Since we have an experienced development team, we are capable for launching our products first and give us feedback.
We will continue to develop and improve our products, and eventually achieve multi-chain deployment.
Done.
Host:
Do you have plans for deployment on Solana or Ploygon?
Neal：
Yep, we plan and already started to work with Solana and Polygon。
Like I said before, we want more users to have the chance to use our products.
When our cross-chain bridge protocol is launched, we will be able to bring more high quality assets to the Polkadot ecosystem.
Done
Host:
Can you share more information about the seed round of investment?
Neal：
So we closed our seed round in April with million dollar funding Digital Renasssance Found, DFG, Chain Capital, PreAngel, Dragon Roark, Waterdrip Capital, BTX Capital, and AngelONE.
We are currently working on Partnership Private Sale. and have had deals with several insitutions.
More details will be released later. Also,IDO information should be released at the end of July.
Done
Host:
My questions are over.
Thank you for introducing my community to the strong Amara Finance project, Thank you.
Neal：
My pleasure.
@lahkoklu
Is the $MARA token already listed on an exchange or DEX, CEX and how do you get your $MARA token and where i can buy, Can I give $MARA token smart contract?
Neal：
We have not issued our token yet! Please be aware of what you are buying now! Our Token will be released when we launch our platform officially, which is around the end of August. We will also have app testing event coming soon. You are welcome to join and get rewards!
@Devidbolar
English is a popular language … How does your project plan to spread awareness of its project in different countries where English is not good? Does your GREAT PROJECT have a local community for them to better understand your project?I Think It’s Very Important,
Thank You Sir☺️
Neal：
Yes. We do have plan to build communities in differnt countries. We will work with local communities and build our owns. We will have local community managers acting as liasion to communicate with community members effectively.
@Mulan_s
Hello I have a question Why should I invest in your token; do you guarantee I’ll be profitable?
Neal：
Be aware of a project guarantees you profits. What we do here at Amara is to implement all kinds of risk management to minimize risks. We want to make sure users have significant returns with risks under controls.
Kennybayardo:
The largest percentage of investors in crypto assets know only the ETH and BSC Blockchain for DeFi products, however Polkadot has enormous benefits in addition to being the network that can be most similar to ETH. What advice would you give to the thousands of investors in this group to invest and investigate in new horizons as DOT? Greetings 🤝
Neal：
Research as much as you can like you did for projects on ETH and BSC. Also remember as the new ecosystem being bulit on DOT, more opportunities will emerge. Be early and be careful, control the risks, and go for projects with real use cases.
@kelafornia
Currently all projects are launching their own NFT programs, So I want to know if you have any thoughts on launching an NFT program And if you turn it on, what is its roadmap?
Neal：
Yes. While we do not have detail information yet, we do have plans launching our NFT programs. We will also have NFT related lending products where NFTs can be staked and generating interests.
@starshades007
I want to have a LONG TERM INVESTMENT with this PROJECT, but I’m in doubts right now, how can you convince and assure me this project is SAFE and PROFITABLE?
Neal：
Please keep following our channel to learn more about our projects. If you have any questions, contact us and we will have someone to help. It’s right to be doubtful!
Congratulations to all winners.
Thank you for having me today.
To close, I will share links of our project for your reference. Thank you!
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
