DeFiWizard and ZeroSwap AMA Recap
On Jan 28, we were invited for an AMA session with the ZeroSwap Community.
Our CEO and founder, Anand Kamath, joined Gaurang and Aayushi from ZeroSwap 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 Aayushi, 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.
Recently, we announced that the $ZEE liquidity pool rewards program went live on our platform.
ZeroSwap.io is a multi-chain, zero-fee, on-chain trading protocol with liquidity mining, DeFi Token Offering, and DEX Aggregation. The protocol will reward users every time they make an on-chain trade and provide liquidity to existing DEXes.
Gaurang: Anand Kamath Welcome to the ZeroSwap Community, we are pleased to host you today. Could you give us an intro about yourself, and how you came up with the idea of building DeFi Wizard?
Anand: I have been a developer for crypto projects for about 3 years now. My background has been front-end developer. At DeFiWizard we are aiming to simplify launching a new crypto project through a one-click wizard for token contracts, yield farming contracts, staking contracts, etc.
NORD Finance recently did the token distribution through our platform. We have a BSC-to-ETH bridge coming up. We will be adding more such templates to our product stack.
Gaurang: So you provide the services, which are must to have for any business running in crypto.
Anand: Definitely these are all recurring work. There is no need for engineers to work on these things. So we generate the code through our platform. No-code platform to generate all Pre-TGE and Post-TGE smart contracts.
Aayushi: So basically you simplify a lot of work for the companies, basically solve for the most prominent issues, which all the blockchain companies need.
How did you come up with this idea? How did you find this massive gap?
Anand: There was this meme that went viral — https://twitter.com/JordanLyall/status/1294466755692081152. I took a challenge to make this meme a reality.
Aayushi: Basically you converted a real meme into an idea, but this is not a meme anymore, you have really found a gap in the industry and are building cool products. So, we are using your LP reward programs which are live, and Nord finance is also using your services.
You mentioned the ETH to BSC bridge, could you explain more about it. How will the bridge help companies launch in BSC?
Anand: ETH-Chain is really broken until ZeroSwap launches the zero-fee trading. BSC is so fast and cheap. On-Chain Trading should never be that costly. Building a bridge needs lots of work. No-one has released the working bridge so far. I know only 1–2 projects who have built with closed source.
Once the bridge is live, it will encourage companies to move a portion of the assets to BSC and leverage the Big Binance Ecosystem.
Aayushi: Yes, that would be a really good service provided by you, and will help users trade on BSC. By when can we expect this bridge as a service launched from your end? Are there any timelines for it?
Anand: We are close to launching this bridge in the next two weeks. We need help from our auditors to fast forward the audit faster.
Aayushi: That’s really fast. Hope to get the $ZEE token kicked off to BSC soon. So we came to know about two products from your end -
1. Uniswap LP Rewards program
2. ETH to BSC Bridge
Could you throw some light on some other services you provide currently, and companies that are currently using those services?
Anand: Token distribution dashboard, custom staking like stake $ZEE, and earn $ZEE. Token claim dashboard is very important for investors for the following reasons:
1. Gas prices to distribute tokens through dispersal or multi-sender are high.
2. Teams change vesting whenever they want.
To avoid these use cases, we should lock all the tokens related to investors in the distribution contract in a transparent way.
Aayushi: Well that is a lot of really meaningful services offered by DeFi Wizard, you seem to have found a massive gap. To summarise, you are a software as a service company for almost all crypto companies.
Is your stake ABC coin to earn XYZ coin dashboard already ready to be used?
Anand: Yes. It’s ready. It depends on how the rewards should be distributed and whether it’s single rewards or multiple rewards. Just configuration and deploy these, we will have the working dashboard. To leak some alpha, we have 5 more projects using our staking services. One of the projects is launched in Binance.
Aayushi: Coming to the security of the code, which is very very important, Is your code audited before being launched, any audit reports that you can share with the community?
Anand: Base Code used to generate the token contract, vesting contract, yield farming contract would be audited.
we will just modify the token name, symbol, etc. for the other clients.
Aayushi: Okay, so you will just change the params for the company which wants to launch tokens through you. Awesome. You seem to be the LEGO which everyone needs. Now, how do you plan to monetize from providing these services? Do you have the revenues coming in already?
Anand: Definitely yes! We charge $DWZ to create the above contracts.
- 60% of revenue comes from the platform and goes to the treasury.
- 25% of revenue would be distributed to $DZW holders.
- 15% of revenue would be burned every month.
Let’s say the company wants a token contract, assume it would cost $100 worth of $DWZ. We will give $60 to revenue, rest to the community and burn. Burning would decrease the supply of $DWZ. We are getting some grants from big foundations as well.
Aayushi: I am amazed by two things you mentioned -
- Revenue sharing model.
- $DWZ is a token of the DeFi wizard platform.
Did you just leak the alpha? Is your token already live?
Anand: All the details about our token is here: https://defiwizard.xyz/token
BIG Alpha would be a BIG airdrop coming to users who used the platform deployed by us.
Aayushi: One last question, before we move on to the community round. Where is DeFi Wizard heading to, any roadmaps or timelines with regards to various service launches?
Anand: Our platform is already built and ready. Our existing clients are using the code generated from the closed beta.
We are waiting on finalizing the IDO date. Our raise has been complete.
@linduriegoo: What are the plans to educate and raise awareness and adoption among the community to make more people understand the project easily? Do you think DeFi will destroy the existing financial system?
Anand: We are coming up with more content on DeFiWizard and BSC. And about the second question, surely but slowly.
@Zulfahilmii: What is your target market for “Defi Wizard”? Who are the potential customers or clients that you focus on? What is your marketing strategy or plan to attract more users globally, especially in non-English speaking communities?
Anand: Crypto companies and businesses who want to create digital assets.
@Zulfahilmii: Has “Defi Wizard” really managed to solve the existing problems in the DEX sector: instant transactions, lower fees, exchange of assets between chains? If this is how Defi Wizard succeeded?
Anand: It’s not unique, it just simplifies the building for staking.
@primave2: Most DeFi projects especially those ones offering yield farming are driven up by hype and scarcity, so when the hype dies the project dies. What’s the key to sustaining your Project yield farming?
Anand: Yield farming is just a way of incentivizing people. But incentives should be aligned with the project’s success. But it has brought lots of hype to DeFi which is good.
@daffi150913: I visited your platform and definitely it’s a big move for the DeFi project, very easy to build by using your platform, instead of ETH-chain and BSC do you have a plan for having your own chain?
Anand: No.
We’ve reached the end of this AMA. We would like to thank everyone who participated in our AMA with ZeroSwap. We would also like to thank ZeroSwap for inviting us. Please stay tuned for more such AMAs.
