On 26 th july 2021 Blastoff Finance conducted an AMA in carpediem Community. Our guests were
@BlastoffRAE
*Introduction Questions Asked By Team Carpediem*!
Edward | CARPE DIEM ᴄʀʏᴘᴛᴏ ᴍᴀʟʟᴜ ᴄᴏᴍᴍᴜɴɪᴛʏ,
could you please introduce yourself to our chat?
Blastoff R.A.E,
I am Rae the lead smart contract developer of Blastoff Finance
Edward | CARPE DIEM ᴄʀʏᴘᴛᴏ ᴍᴀʟʟᴜ ᴄᴏᴍᴍᴜɴɪᴛʏ,
Could you please introduce BLASTOFF FINANCE in Layman's term to the Community
Blastoff R.A.E,
Blastoff Finance is a DeFi protocol that combines innovative DeFi and NFT solutions to drive yields for our users and increase the utility of tokens and NFT's. We have the most advanced deflationary token that has a 10% tax split into the following fees:
- 5% is locked as liquidity and the LP tokens are burned
- 2% is burned
- 2% is distributed to holders
- 1% goes to NFT owners
These fees are community-controlled and can be changed if rate change proposals are accepted by the community
Edward | CARPE DIEM ᴄʀʏᴘᴛᴏ ᴍᴀʟʟᴜ ᴄᴏᴍᴍᴜɴɪᴛʏ,
What are your main features that distinguish you from other projects and what competitive advantages do you have?
Blastoff R.A.E,
Blastoff Finance is the first deflationary token that distributes rewards to NFT owners. With every transaction of our BLAST token 1% is sent to the NFT reward fund. If you own a Blastoff NFT you can claim your share of this reward fund. Also, the BLAST token is one of the only deflationary tokens that is distributed with liquidity farms. 65% of the BLAST token supply is distributed with our liquidity farms.
Besides all that we have a timeline packed with unique and innovative DeFi and NFT solutions and a team of highly experienced developers.
Edward | CARPE DIEM ᴄʀʏᴘᴛᴏ ᴍᴀʟʟᴜ ᴄᴏᴍᴍᴜɴɪᴛʏ,
What will be the benefits for Token Holders?
Blastoff R.A.E,
The token holders get automated hodl rewards through our static reflection.
2% of every transaction is redistributed to BLAST token holders. We also burn 2% of every transaction so while your holdings increase the total supply is always decreasing.
Also, the BLAST owners have governance control over the project and can vote on all changes.
Last but not least when we start adding new products to our DApp they will include fees that are distributed to our BLAST token holders.
Edward | CARPE DIEM ᴄʀʏᴘᴛᴏ ᴍᴀʟʟᴜ ᴄᴏᴍᴍᴜɴɪᴛʏ,
What is the utility of your token and how its price will be positively affected in the long term ?
Blastoff R.A.E,
I already kind of answered this with the previous question but for good measure:
BLAST is our governance token and gives you voting power on all protocol changes. You also get automated hodl rewards on every transaction made with the BLAST token. Blastoff Finance will also include platform fees into our new DApp products that will be distributed to BLAST token holders. These fees will include buybacks that boost the price of BLAST before the tokens get distributed to the token holders.
Edward | CARPE DIEM ᴄʀʏᴘᴛᴏ ᴍᴀʟʟᴜ ᴄᴏᴍᴍᴜɴɪᴛʏ,
What are your marketing plans for upcoming weeks /months ?
Blastoff R.A.E,
Within the next weeks and months, Blastoff Finance will do a couple more AMA's to promote our project and DApp. We will continue and increase our marketing efforts on Dapp.com, Reddit and onboard more influencers on Twitter and Telegram to actively promote Blastoff Finance. Besides all of that Blastoff Finance will host several contests and giveaways on our own social channels.
Edward | CARPE DIEM ᴄʀʏᴘᴛᴏ ᴍᴀʟʟᴜ ᴄᴏᴍᴍᴜɴɪᴛʏ,
How big is the team behind this great stuff?
Blastoff R.A.E,
The team consists of 4 people, 3 senior develops, and marketing expert. All of the team members work or worked for big publicly traded companies and have over a decade of experience in their field.
*Twitter Questions*
Edward | CARPE DIEM ᴄʀʏᴘᴛᴏ ᴍᴀʟʟᴜ ᴄᴏᴍᴍᴜɴɪᴛʏ,
Is it possible for everyone to participate as LPs in the Blastoff platform? If so, what is the minimum amount that should be deposited in the liquidity pool?Will this pool be used in markets as an aggregate pool? What tactics does Blastoff use to increase liquidity in the future? @Sadun24024815
Blastoff R.A.E,
Yes everyone can participate and provide liquidity on Pancake for Blastoff here:
https://exchange.pancakeswap.finance/#/add/0x09044dcfBE25225C0155C793596070c1fa584015/BNB
There is no minimum but I would suggest looking at least $25 otherwise the transaction fee on BLAST and the Gas fees might be too high in comparison.
We do not plan to aggregate or migrate the liquidity. The farms and NFT's are to stimulate liquidity on Pancake that in turn will provide us with a stable trading pair.
Once the liquidity farms and lock durations of the NFT's have ended we will create other products in our DApp where you can use the LP tokens to stimulate liquidity providers.
Also, our static reflection adds 5% of every transaction as liquidity automatically and burns the LP tokens so we can assure a healthy liquidity pool that grows with the trading volume of our BLAST token.
Edward | CARPE DIEM ᴄʀʏᴘᴛᴏ ᴍᴀʟʟᴜ ᴄᴏᴍᴍᴜɴɪᴛʏ,
Based on my own research, The Blastoff NFT's come in 3 versions: first class (gold), business class (silver), and economy class (bronze), though, can you tell me why each version represents a specific class? Moreover, can users collect the three NFT versions at the same time?
@Alistai89126620
Blastoff R.A.E,
The NFT's have different classes because of the rarity and amounts of rewards the NFT collects for you. In total there are 1000 income-generating NFT's that share 1% of the trading volume of our BLAST token as rewards.
There are:
- 25 golden first-class NFT's that share 0.5% of the daily volume
- 75 silver business class NFT's that share 0.3% of the daily volume
- 900 bronze economy class NFT's that share 0.2% of the daily volume
So for example, if our BLAST token hit 1Mln in daily trading volume that would translate to:
- $200 in BLAST tokens per day for a golden NFT
- $40 in BLAST tokens per day for a silver NFT
- $2,20 in BLAST tokens per day for a bronze NFT
Edward | CARPE DIEM ᴄʀʏᴘᴛᴏ ᴍᴀʟʟᴜ ᴄᴏᴍᴍᴜɴɪᴛʏ,
Can you tell us some of the latest achievements made by the BLASTOFF FINANCE project & can you describe in details the current development efforts, such as market expansion plans, expected applications & new upcoming program of events?
@KiyokoSumaru
Blastoff R.A.E,
Blastoff Finance launched 24th of May with our governance system (only the smart contracts), liquidity farms, and the first deflationary token to distribute rewards to NFT owners.
Since then we have created the NFT minting and NFT rewards page in our DApp and made some overall user experience improvements. We also started a partnership with Olive Cash and opened a pool and farm on their platform. Since we launched we crossed $100K in locked liquidity and crossed 1150 holders.
Next, we will focus on some improvements to our NFT minting and rewards page and then start building our next DApp products: Battle of the Hodlers and One Click DeFi solutions. Besides all of this, we have a lot more cool stuff on the development timeline.
For the marketing expansion, we will focus on onboarding more influencers and more integrations into other projects and platforms and vice versa. Once we complete the user interface for our governance system we can also start to unlock the community-controlled marketing fund. 20% of the token supply is locked in a community-controlled fund.
The Blastoff team can create proposals for the community to vote on. If the vote passes the funds will be released and used for what they are intended by the governance smart contract.
Edward | CARPE DIEM ᴄʀʏᴘᴛᴏ ᴍᴀʟʟᴜ ᴄᴏᴍᴍᴜɴɪᴛʏ,
In order to farm Blastoff it is needed for users to obtain BLAST tokens, and some BNB or BUSD tokens to get liquidity pools tokens on Pancake swap, yet, can you please tell me what the minimum amount of BLAST tokens required to farm is? Are there benefits for long-term holders?
@anjalroshan001
Blastoff R.A.E,
There is no real minimum for farm BLAST, only we would advise a minimum of $25 otherwise the fees might weigh too heavy. The farmers get the newly released BLAST tokens.
65% of the token supply will be released by the farms within the first year. So if you join the farm as a long-term holder you will end up with a lot more BLAST tokens.
Also, the farms stimulate transactions by claiming and redepositing the tokens in the farm as most farmers do. The extra transactions boost the token burns, LP locks, and automated redistribution that happen on every BLAST transaction.
Edward | CARPE DIEM ᴄʀʏᴘᴛᴏ ᴍᴀʟʟᴜ ᴄᴏᴍᴍᴜɴɪᴛʏ,
what advantages does Blastoff customers give in the defi and nft development ecosystem?Can you tell us which areas the team is currently working on? Also explain Fractionalize NFT's earn trading fees mechanism?
@Rose87376655
Blastoff R.A.E,
Blastoff aims to combine DeFi and NFT's to increase the utility of NFT's and create new and improved products for the DeFi community. The first step where the income-generating NFT that collects BLAST tokens based on the BLAST trading volume.
Our development is now focussed on:
1. The Battles of the Hodlers
This will be a new DeFi concept where we launch multiple pools for multiple crypto assets. Each pool will have a lock duration, a locked asset, and an early withdrawal penalty. People can lock their assets in the pool and get rewarded by the penalty fee of people who unlock early.
2. One-Click DeFi Solutions
These will be simple One-Click solutions to enter our farms and 3rd party DeFi products.
3. Creating the user interface for our governance system
A bit more about the fractional NFT's:
This will be a system where owners of any NFT can lock the NFT in a smart contract and split it up into multiple tradable shares. This way expensive NFT's can be owned by a group of people. The original owner of the NFT will earn trading fees on the volume of the NFT shares of his NFT. There will be a few variations here but that is the base concept.
*Questions Asked by our Carpediem Community Members during live Session to Blastoff Finance Project Team*!!
Steffi Reguera🎀,
I wonder if can the $BLAST Tokens be staked for NFT in return? How can users benefit from holding $BLAST Tokens? Do you have a Token Burning plan to increase Token value and attract Investors to invest?
Blastoff R.A.E,
You need to lock BLAST-BNB LP tokens mint one of the NFT's.
You can do so here:
Blastoff.finance/claim-nft
The BLAST token holders benefit from the 2% redistribution on every transaction. This will increase your balance with every transaction made with the BLAST token.
Also we burn 2% of every transaction. We already burned about 5Mln tokens this way and the volume is still low. Once the volume increased we will burn a lot of tokens, this happens automateded by the smart contract.
Billu Ka Bhai,
Which one of these aspects is important for you?
1-Increasing Token Price & Value
2-Empowering Platform Development
3-Building Community Trust
4-Expanding Partnership Globally
In what order?
Blastoff R.A.E,
3
2
4
1
We first want a healthy community and focus on building value through development. After that focus on partnerships and price will follow all this good stuff
Hedoy,
Right now issuing a token is a fairly simple process. However, building systems and ecosystems is the hardest part. My question is, how will the demand for tokens increase and how will this token be used in the ecosystem?
Blastoff R.A.E,
We will add a lot more products to our DApp over the next months that can be used by people holding other tokens as well.
That way we can attract more people to use our DApp. These new products will include buy back fees for the BLASt token so we can boost the value of the token for our holders.
There will also be platform fees that are distributed to the BLAST token holders in all new products. This will also add value to the token and increase the people who want to buy and hold it long term
Ex 90,
What is the plan to ensure sufficient liquidity on exchanges to fill market orders, especially as adoption increases and clients begin multiplying year-over-year?
Blastoff R.A.E,
The static reflection build-in to our token locks 5% of every transaction automatically as liquidity. Also we will stimulate locking liquidity with DApp products like a governance vault where you lock BLAST LP tokens and get a portion of all the profits made by the platform.
Jubo Rs,
Lately, most projects have pulled the carpet and got rid of scams.Why should we trust your project while it's still going?
Blastoff R.A.E,
The team tokens are locked and vested for 12 months so we do not have the option to do this even if we wanted to. Also the size of the liquidity pool already is bigger than the total amount of token the team will receive after the token lock ends. The majority of the tokens are locked as initial liquidity and burned or supplied to our farms as farm rewards.
*Research about Blastoff Finance Project*
Website: Blastoff.finance
Twitter: https://twitter.com/blastofffinance
Telegram: http://t.me/blastoffofficial
Instagram: https://www.instagram.com/blastoff.finance/
Youtube: https://www.youtube.com/channel/UCjLX3XcVjXidgLJ4k7DuSaA/featured
Tiktok: https://www.tiktok.com/@blastoff.finance