AMA RECAP DEFI WIZARD AND THE AMA ROOM
On 10th February, we were invited for an AMA session by The AMA Room.
Our CEO and founder, Anand Kamath, joined Eric from The AMA Room for this session.
This session focussed on DeFi Wizard’s progress so far and our upcoming events to make the community more familiar with what we can offer.
SUMMARY:
The session started with a one-on-one with Eric, where Anand fielded questions about DeFi Wizard and his journey in the crypto and blockchain ecosystem. It was followed by the community round, where the best questions from the community were answered by Anand.
ERIC: Hi Anand Kamath, how are you?
ANAND KAMATH: Hey Eric, I’m doing great. Hey Eric, I’m doing great.
ERIC: Exciting day, you just announced you guys are the next Bounce starter IDO!
ANAND KAMATH: Yes. We are yet to announce lots of details on the date, backers, etc. We will get there very soon.
ERIC: Exciting. So, please introduce yourself and tell us about your background.
ANAND KAMATH: My background has been front-end and smart contract development. I have been a programmer for the last 10 years. I started working on blockchain in 2017. I have worked on lots of smart contracts as part of my smart contract development journey.
ERIC: How did you discover blockchain & crypto?
ANAND KAMATH: I went to an event with my friends in Hyderabad, where Ian Balina did the roadshow. I was already familiar with coding, so crypto happened naturally to me. After that event, I never looked back. I always had enough work to do smart contracts. We have built smart contracts for so many projects as a service.
ERIC: So, what is Defi Wizard?
ANAND KAMATH: We built a platform to reduce lots of recurring work for crypto companies. We provide a 1-click wizard for Token Contract, Yield Farming Contract, Staking Contract, ETH to BSC bridge, etc. We have 100s of more such 1-click templates coming in like 1-click to create an ESD-fork with different params on epoch, 1-click to create a token for rebasing with a basket of tokens and many other ideas in our pipleline.
ERIC: Wow, and these are all audited, correct?
ANAND KAMATH: We will get our base contracts audited soon.
ERIC: What is the role of the token?
ANAND KAMATH: You can check these pages for that answer: https://defiwizard.xyz/pricing & https://defiwizard.xyz/token. You have to pay us $DWZ for availing the mentioned services and we will burn a portion of it.
ERIC: How does governance work? Will the DAO decide what to build next?
ANAND KAMATH: Mostly yes! We want to make decisions like what to build next and how much we should charge for it etc through governance.
ERIC: How does the deflationary mechanism work?
ANAND KAMATH: 60% of revenue from Platform goes to Treasury, 25% of revenue would be distributed to DZW holders, 15% of revenue would be burned every month.
We will change these numbers once we go through governance voting. To increase more burning, we might consider burning up to 40%.
ERIC: Amazing, a really good design here. Who has used your contracts so far?
ANAND KAMATH: Nord Finance, ZeroSwap, DeltaHub Capital. Few more confidential teams.
We have 10 more teams using our contracts which are already in pipeline. More on this would be announced on our announcement channels.
ERIC: How big is the team right now?
ANAND KAMATH: We were 3 until last week. Couldn’t handle so many things. We have 2 more people on operations. So 2 developers including me, 1 Business Development, 1 Operation, 1 marketing. We are closely working experienced marketing agency.
ERIC: Good to see it growing even this early. What is the vision of Defi Wizard?
ANAND KAMATH: Eliminate the recurring work. In a recent bull-run, two players made lots of money, Auditors and Exchanges. Auditors just audited the already audited code. I just want to eliminate that bit.
ERIC: Make things more efficient!
ANAND KAMATH: There are 1000s of audited smart contacts already verified on Etherscan.
COMMUNITY ROUND
Telegram User @Loversss10: Successful projects are the result of an experienced team. What is the biggest challenge you face currently in terms of becoming a successful project or company?
ANAND KAMATH: We need to create more awareness about the project.
Telegram User @Vario08: How will DWZ token holders pay to create a token agreement, staking agreement, and annual farming agreement, and will be staking rewards be earned from lp tokens to earn DWZ$?
ANAND KAMATH: It will be done through our portal. We will have a wizard to pay and download the contracts.
Telegram User @mikenit890: Do you have a form of partnership with DeltaHub? What advantages does the backing up of DeltaHub bring to DeFi Wizard?
ANAND KAMATH: They used our Staking Services.
Telegram User @kunlefighter: With the great features and services DeFi Wizard is offering, I have no other option than to agree that you are indeed a Wizard in the DeFi space. Was this the reason behind your name or it has a different story entirely?
ANAND KAMATH: We wanted to solve the problem by providing a wizard of steps.
Telegram User @Capt_Star1: What are the major benefits and advantages investors get for choosing DeFi Wizard? How can I invest?
ANAND KAMATH: Please refer to these pages: https://defiwizard.xyz/pricing & https://defiwizard.xyz/token.
Telegram User @cryptolover1010: What is your background and how did you come to the idea to create your project? What is the business model of a wizard? How wizard project generates revenue for project development?
ANAND KAMATH: I have written about idea origination here: https://defi-wizard.medium.com/introducing-defi-wizard-55979d7b6506
Telegram User @Abisola1: You plan to launch 100 projects in the next 6 months. I think 100 projects is quite a lot, is this actually feasible? How do you aim to make it possible?
ANAND KAMATH: Definitely possible. There is a serious need for our tool for the projects.
Telegram User @NaufalRf6: So many new projects easily conduct an IDO or IEO. But on another side, Investors are also scared of the RugPulls. How will DeFiWizard be different & how you gain community trust?
ANAND KAMATH: We have been backed by Investors and trusted VC. We will lock the liquidity in the locking contract to avoid the rug pull.
Telegram User @senewe10: What are the 3 core reasons we should use DeFi Wizard products? What is the role of the Vietnamese community for DeFi Wizard?
ANAND KAMATH: The reasons are:
1) Reduce the recurring work.
2) Reduce the cost of audits.
3) Reduce the time to create these smart contracts.
We love Vietnam for sure. We will need time to expand to those communities.
Telegram User @TheAliens77: How will you resolve three major pain points for crypto investors: diversity, value, and convenience? Which specific technology and strategy of $DWR make you believe it will be successful?
ANAND KAMATH: We are trying to solve the problem of convenience.
We’ve reached the end of this AMA. We would like to thank everyone who participated in our AMA with the AMA room. We would also like to thank the AMA room for inviting us. Please stay tuned for more such AMAs.
