Tetu Cofounder belbix held an AMA in the CosmicSwap Telegram let’s check it out.
In this AMA the Cosmic Admin Azure did a very good job and asked very intelligent questions demonstrating that he made a good preparation to extract the best knowledge about Tetu.
About belbix
belbix is a public person, his name is Vsevolod Grigorovich. Last year he worked for Harvest Finance as community dev lead. About 3~4 months ago he decided to launch a platform, Tetu, a place for develop our full potential. So now Tetu is an independent project with about 10 devs on board, ready to build amazing things.
With reference to your tokenomics, we see that you have incorporated the Fundkeeper instead of the regular masterchef. Can you elaborate on this?
We based our solution on Harvest finance architecture it was refactored a lot for build a framework that is ready to scale. We don’t use MasterChef contract for our rewards. Each vault has independent reward system and it is a dedicated contract, because of that we have many contracts.
FundKeeper — our treasury for different purposes, technically it is a simple contract with Time Lock now it holds TETU for next networks and USDC for Tetu next stage.
Our solution has 10+ different core contracts, you can find the addresses in Tetu docs.
Do you have any audit to ensure the safety of the users?
Yes, we had an initial audit from DeFiYield and Peckshield audit is in progress. And of course we run a ton of tests, believe me you didn’t find so huge tests amounts for any project. I used best practices from corporations style and some ideas of gnosis safe and open zappelin.
I saw that you guys have a smart contract dedicated to the salaries of your team. What was the inspiration behind this?
Yes, we have PayrollClerk. We pay all salaries on-chain. You can think about it as a financial disclosure in a join-stock company. Probably it is not correlate with DeFi and cryptopunk spirit but for me transparency is very important. It is in our plans build DevDAO and it requirements for it.
I read in your docs, it discuss the idea of reinvesting defi profits into real investments, what does that mean exactly?
It is our Second Stage. The main conception is to build a system that is able to handle long-time investments. It can be anything, real state, mining, or something interesting. Depends on how much money we accumulate, and of course community will decide how we will use it. I think with time we will se a lot of projects who provide opportunity for this kind of investments. And we are preparing funds for it. If nobody will build it well we will do it for ourselves.
What is the revenue model for Tetu, how do you guys have money to reinvest it?
Governance has a part of TETU emission, if we are talking about team salary. All profit buyback TETU, or reinvest and buyback TETU with time. It is a flexible system where we can build really good partnerships with a win-win perspective for both sides.
In your documents you talk about a DAO system. How do you plan to organize it?
I don’t think that we need to organize it right now. The community should make good leader for it. We prepared everything for giving DAO control under contracts, and when community will be ready we will implement it. It can be any platform, I think snapshot and gnosis wallet are enough for it, but of course we can build something interesting, or use existed solutions for DAO. With time all contracts will be under community control, but it requires people who will handle it.
What will your role be if the community takes over?
Somebody should develop contracts anyway. Build build and build, only one way, I like what I do and will continue creating solutions on-chain.
Can you explain to me what a liquidity balancer is and what are the benefits that it brings to Tetu?
It is a protection against pump and dump. When TETU price reach some level it will sell a bit of TETU and convert it into liquidity. After that this level is increased it is like a buffer for huge price movements. You can see the target level for trigger the Liquidity Balancer contract on Tetu stats page.
After reaching target TVL level it buyback TETU for accumulating for next pumps.
Wow I see your target TVL is 100M, very ambitious.
It is an initial value for avoid price manipulation, community can decide to decrease or increase this level at any time.
Can you talk about the Profit Sharing pool?
It is our core conception. Profit Sharing pool has all bought back TETU. You can buy TETU and invest in this pool and have a part of current and future income. Each of our solution will buyback TETU and bring more and more profit to xTETU holders. So if you want to be a long time investor just buy and deposit TETU, it will auto compound your profit. When you decide to realize your profit you will withdraw more TETU.
That’s really interesting, how do you guarantee such high APRs, just by farming on other projects? Do you have emissions?
We have an emission schedule that coded in our TETU token contract. Reinvesting bring more money, more money more TVL, more profit and more reinvesting.
You have created a very sophisticated system. How would you explain it in a simple way to novice investors?
The conception is pretty easy. Investors deposit money and we are doing something complex but very safe with it for generate profit and buyback TETU from the market. Investors get TETU token as reward and a part of this profit. We take all risks on our side about profitability of invested money. It is a win-win for everyone in this system. External projects get stable liquidity, investors get stable rewards, Tetu accumulates money for reinvesting. The longer it exist the more stable the whole system will be.
What would you say is a stable point for the project?
Stability is pretty abstract and depends on your bags. It is stable now for $10K ~ $100K deposits, after few weeks $100K ~ $1M with time we can be able to handle really gigantic money. I guess the full potential you will see after an year of our hard work, when we launch loans, insurance and marketplace and do it on different chains.
What were to happen if I deposited $200K right now? does it make the system unstable?
No, you just will have a bit less rewards because your money should generate buybacks and increase TETU price.
Why the name Tetu? and the design? does it have any meaning?
Tetu is one of the names of the ancient Egyptian god Thoth. Our team like this conception but we keep our stile pretty strict. We will have some NFT collections, and our writers like to play with this theme.
