Amara June 30 AMA Recap | Bull Crypto Team
We are pleased to announce our next AMA on Wednesday 30th June 2021 at 02:00 PM UTC With Amara Finance.
Neal, Amara team’s member and north American BD leader, held this lively AMA. Thanks to the huge response from our community and all the meaningful questions raised by our members.
Let’s recap this AMA!
Neal：
Glad to be here!
Host：
Are you ready to start the AMA?
Neal：
Yes sir.
Host:
Let’s start with the first question.
Can you tell the members a little about “Amara Finance”?
Neal：
Yes sir.
Sure.
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.
We have an experienced and dynamic team at Amara. Our team members have been in the crypto space for quite a long time. We have seen tremendous growth of the crypto industry in the past years and we believe Polkadot, the next generation of blockchain will win and lead the development in the space due to its scalability and interoperability nature. Therefore, we started Amara Finance.
Done.
Host:
Could you expand our knowledge about Your Roadmap this year? Are there any Updates on your Research and development progress?
Neal：
Yeah. We have been working tirelessly and growing tremendously.
In April, we published our whitepaper, completed the test of AmaraLend on Ethereum, and finished our seed round investment.
In May, our website went live.
In June, we deployed AmaraLend on the Acala Mandala TC6 network, did asset tests with USDT, ACA, BTC, and DOT, and began the yield farming on the test network.
We also developed a strategic partnership with Phala Network and initiated a global airdrop campaign.
We had the honor of being invited to join the Solana hackathon!
In July, we will release our products in Beta for testing. You all are invited to sign up, complete the test, and get rewards.
In September, we will work on upgrading our lending model that is going to implement “Interest Bomb”.
Also, AmaraLend V1 and Maralink beta version will be released.
From November to December, we will launch an Innovation Zone for high quality long tail assets.
Done.
Host:
Let’s go to the second session, the question has been selected from twitter.
Neal：
Let’s go!
Host:
Security is really important and valued. What are Amara Finance security strategies? How is it protected against any hacking attempt?, and in case it does, is there insurance for investors?
@Billyzah3
Neal：
Assets security is our top priority. We tackle the security issues from 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.
The insurance pool will be utilized to mitigate users’ loss in extreme market conditions, and will also yield $MARA while being staked.
Done.
Host:
What is the purpose of establishing Amara Finance and What missions have you and have not accomplished?
@MbulFinance
Neal：
We want to build a transparent, efficient, and self-controlled financial platform so that broader consumers can benefit from our services and products with ease of mind. We have completed the research and design of our initial lending products. And we will continue to develop long tail assets lending, Maralink, NFT related financial products, lossless lottery, and many other financial derivative products.
Done.
Host:
Can u tell us more about your Industry Experts you mention on website?
What have they already done to be an Industry Experts?
Neal：
Sure. Our CTO Simon has a background in finance and computer science with many years of experience in leading the development of technology and blockchain projects. He has taken some leading roles in top technology companies. Our core developers are early code contributors to the development of Polkadot with many years of experience in developing distributed systems, supply chain finance, payment solutions, and digital currency exchanges. Our operation team also has significant experience in finance, media, and community building.
Done.
Host:
Do you have partners that will benefit Amara Finance, what is your strategy for partnership?
@Elieen774
Neal：
Good question! We do. We have institutional investors backing us with funding and industry networks. We have also built a partnership with Phala Network for cross-chain bridge protocol development. We also work with Polygon and Solanan for collaboration. We are now engaging with global communities to have more exposure to our project. We have been doing AMAs for the past few weeks. Please see our recaps for these AMAs if you want to learn more about development of our projects.
We also plan to work with local communities in different countries to reach a braoder audience so that they have a chance to try our products and benefit from using them. We will also build our network and relationships with institutions outside crypto space to expand the total user base of crypto.
Done.
Host:
How long does it take to develop a project? What plans do you have for the future? And what can we expect from Amara Finance?
@Bergiend6
Neal：
We are currently on track of our planned developments!
As I mentioned in question 3, we have a lot of things to accomplish. Please join our channel and follow our social media to learn the latest development and news. We have ongoing rewarding events that you can participate in, please don’t miss them. Weekly quiz with USDT rewards in our telegram channel has been kicked off. I hope you have fun while learning more about Amara.
We are looking to become a leading lending platform in the coming future that users can grow their assets safely.
Done.
Host:
Let’s go to the third session. For this last session, Neal will answer 5 questions from participants
Neal：
let’s go!
@Cuaakkz Ganteng
Is $MARA now ready to trade? and where is the exchange that has provided trading? What are the advantages of buying and holding $MARA? What makes $MARA different from other project tokens?
Neal：
No. MARA is not issued yet. For MARA use case, please refer attached.
@Sam
I found the ‘ Interest Rate Model ‘ feature of your project very interesting and unique. Can you please elaborate it a little about how it will function ?
Neal：
Interest Rate Model or “Interest Bomb” is designed to main healthy liquidity pools and minimize impacts that casued by extreme market conditions. Based on the utilization rate of pools, the interest will increase or decrese exponentially to balance the demand and supply of assets.
@DedyE | ¢rypto Fighter |
I found the ‘ Interest Rate Model ‘ feature of your project very interesting and unique. Can you please elaborate it a little about how it will function ?
Neal：
Acala Network is the most popular protocol within Polkadot ecosystem.
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 invite 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 feeding 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 application and platform on Acala, but more importantly, we will continue to support and contribute to the development of Acala and Polkadot.
@Zara_Adisty
Almost 83% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term?
Neal：
So short term or long term are really personal preferences. People have different timeframe when it comes to investment.
We are building the best products we can, and our design of Tokenomics is to make sure the distribution of tokens to be equitable and sustainable.
We are also working with real business who has real needs for borrowing assets.
Lending is a good business model, and as long as we are doing it in the right way, we will continue to grow.
@Winner_Boy
Almost 83% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term?
Neal：
Good observation. We think Polkadot is going to be solution, and that’s why we are building our platform on that.
Thank you again for having me here today.
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
