Golff Finance AMA Recap — August 13, 2021
AMA Recap — Golff Finance
Date: 13 August 2021
Guest: Golff Finance, Yunpeng Ding (CEO) (@GOF HOLDER)
Host: LtStakePlissken (@Ltsnakeplissken)
Venue: Elk Discord
This recap is a lightly edited transcript of the AMA with introductions and banter removed for length.
Ltsnakeplissken (Elk): I’d like to welcome @GOF HOLDER from Golff Protocol. He’s kindly offered to be here today and answer some questions supplied by the community!
Could you simply introduce Golff Finance to the community?
Yunpeng (Golff): Hello guys! This is Yunpeng, the founder of Golff Finance, glad to be here. Golff is a DeFi Aggregator, committed to creating a light, open, and free financial world! Basically what we are trying to do is build a one-stop services encrypted bank, creating a light, open and free financial world where everyone can participate. Currently, we are standing at the starting point of the DeFi explosion, facing the vast future of the DeFi world.
As a DeFi Aggregator, we allow users to stake their token with us, and we offer the best & safest projects to earn interest. Everything is done by smart contract, so users won’t be worried about centralized interference.
LtSP (Elk): Our next question is: “What is the development direction of Golff and ElK on decentralized finance (DeFi)? For example, will there be staking $GOF?”
YP (Golff): Our team is trying to build Golff as a DeFi aggregator, and we try to simplify the process of users’ financial operations on different chains. In addition to financial management, we also hope to provide some other necessary functions, such as the lending function we are currently launching on Ethereum and HECO. In addition, we will also open insurance and other services, so that users can complete all their needs on a single platform. Elk’s current direction is very clear, and I have seen that the team is also completing what they want to do in accordance with the roadmap, and delivering on time, which shows the team’s ability and credibility. Elk and Golff can indeed have a lot of interaction, and we are considering supporting $ELK activities to mine $GOF.
LtSP (Elk): Question 3: “What do you think about ELK Finance?” Keep in mind the Elk team didn’t choose these questions, ha!
YP (Golff): Very COOL project! It is difficult to comment on a project with a few simple words, because it is necessary to analyze from all levels of data, technical, community and marketing, but overall it can be considered as a top project. It is a complicated project and it contains a lot of advanced technology and concepts. Elk is meeting the cross-chain needs of users on different chains. I believe Elk has great potential. Currently, Elk is more popular in Europe and America. I can feel that the community of this project is very active and there are many users. I think that we can consider letting users from Asian countries in the East also participate. After all, they are also a very large group, a group with great power and capital.
LtSP (Elk): Next question: “There is great interest in decentralized applications from both user and developer communities. How can Golff and Elk help different users explore DeFi?”
YP (Golff): As I said earlier, we are all developing in the DeFi field, but we are doing things in different directions, and they are all in the direction that users need. So I think we should work closely together and learn from each other. Because a team cannot develop and maintain all directions with limited human and fund resources.
LtSP (Elk): What’s your outlook on the future of Golff?
YP (Golff): In the future, we will develop more new functions on Defi while maintaining the current excellent operating conditions. We will support leveraged mining and lending on various public chains. At the same time, we will also deploy on other public chains. The purpose of this is to allow more users to use our products and to make our TVL reach new highs. This is a win-win situation for both project parties and users. Users can enjoy a good DeFi service here. For us, high TVL can better operate the project and cooperate with other projects.
LtSP (Elk): Cool! How does leveraged mining work?
YP (Golff): So you can choose x2 or x4 when you are mining. For example, if you deposit 1 ETH and choose x2, you can borrow another ETH for mining (you cannot withdraw it). You will only pay for some interest for borrowing.
LtSP (Elk): Oh neat! So they can collateralize their assets for greater rewards.
Question 6: “Golff and Elk recently announced a partnership. Could you talk about this partnership? What makes this partnership different from other projects? And what are Golff and Elk’s duties in this collaboration?
YP (Golff): I am very excited that we can achieve cooperation. Golff’s communities are basically Eastern communities. The main users are Chinese and Korean users. Although there are some Western users, they are very small compared to the number of Eastern users. The cooperation between us allows users on both sides to see each other’s products, which is very friendly to the growth of the communities on both sides. At the same time, we are actively cooperating on technology so that users can use high-quality products. Just like now, our users are happy to get $ELK by staking $GOF, and they will study and learn what Elk is. This is good for both of us. We did not consider the development of cross-chain and swap functions in the short term, but these are needed. Through this cooperation we are committed to creating more value for users and ecosystem.
LtSP (Elk): Question 7 “Can Golff share some updates regarding your partnership with Elk. When can we expect to have the $ELK coin in Golff Vault?”
YP (Golff): Since $GOF staking has supported mining $ELK on our official website, https://www.golff.finance/#/, our users feel that the $ELK earned is too small, and so they have started to buy $ELK on ElkDex, which is what both of us love to see. For us, we have increased the staking and exposure of $GOF. For Elk, more users are aware of this project and are increasing their token holdings. It’s a win-win situation
LtSP (Elk): Finally, a simple question for the end of the first half of the AMA: “What will APY on staking $GOF and $ELK?”
YP (Golff): We have already launched the mining pool on our product, the APY is 21.42% which is attractive with almost $270k locked. We are trying to introduce more ways of cooperation to allow users of both parties to use each other’s products.
LtSP (Elk): Now a question from Twitter user @DButterbean87: “What kind of decisions are proposed with GDAO? Most projects use their native token for governance and here there is a new token. In this case will users lock up their GOF tokens for GDAO tokens?”
YP (Golff): Good question! We do have $GOF and $GDAO, and they are different types of token. $GDAO is used for governance. When you are mining $GOF, $GDAO will be mined and airdrop to your wallet. We don’t want people trade $GDAO because that will decrease the value of $GOF, so we haven’t set up a pool for $GDAO.
LtSP (Elk): What kinds of decisions do you think will be made through governance?
YP (Golff): Users can upload their proposals. For example, the max supply of our token was 100M, and after the community voting, the max supply has been lowered to 50M.
LtSP (Elk): @Dyslexsick on Discord wonders: “Where do you see golff this time next year?”
YP (Golff): We will keep building our DeFi products to enlarge our TVL.
LtSP (Elk): We also have a 2-question set from @blin, who asks: “Is there a plan to expand to any other chains than Heco? — curious about security and audits. How do you protect users and their funds?
YP (Golff): We are on Ethereum, BSC, and Heco now. We are moving to Polygon and other public chains soon. We have 5 audit reports from different audit companies. We put the safety of users’ funds first!
LtSP (Elk): Speaking of security, from Twitter user: @Resta_Phoenix: “So basically for now we can only get the $GOF token in the vault as reward? And please how secure is the vault? addition- would love you to integrate into Solana soon. Cheers.”
YP (Golff): Yes, you can only get $GOF in our vault, that’s how you mine tokens in DeFi world.
The vault is very safe, as I said above, we have 5 audit reports to ensure we are safe to use. Golff launched August 2020. Solana is a great ecosystem; sure we will consider them.
LtSP (Elk): Awesome! Sounds like there has been lots of thought regarding security. From Twitter user: @KingAlperen52: “In the short term, how will the Golff team balance the conflict between investor profits and the health of the project ecosystem, and how to prevent pumping mechanisms?”
YP (Golff): Good question! We don’t have many tokens for investors, less than 5%, so we don’t really worry about the dumping from investors.
For miners, they will not dump their tokens because our $GOF staking is profitable. If you are dumping, that means you are out of the game.
LtSP (Elk): @muhammadfarhan asks “What is the $GOF revenue model? In which ways do you generate revenue/profit? So many projects just like to speak about the “long term vision and mission” but what are your short terms objectives? What are you focusing on right now?
YP (Golff): For revenue model, as an aggregator, we take 5% of users’ compounded interest. For example, if you earn $100 from our platform by using our vault products, we take 5% which is $5.
Golff will be launched on Polygon soon, and we will have an AMA with Polygon team to talk about how we build a better DeFi system. We consider increase in TVL as a short term goal as well. Now, we are focusing on leveling up our products. We just released our v2, but you’ll see v3 with even more powerful and strong functions soon.
LtSP (Elk): @trinhcrypto1997 from Twitter asks: “What are the great achievements that you have achieved so far? What difficulties and risks did you encounter during project implementation and what factors helped motivate you to overcome difficulties?”
YP (Golff): We have safely launched on Ethereum BSC and Heco, and now we have $67M TVL. I have a great team to work with, so even there are some obstacles, we get it done very fast.
LtSP (Elk): From @baguang on Discord: “Can you list some of the features with which you are most confident about your platform? How can you advertise your project worldwide and make it popular?”
YP (Golff): Our vault is great, worth giving a try. It’s safe and stable, unlike other vaults where once you deposit in, the APR goes down, or the APR is fake. We are trying to work with many projects as partners to enlarge our user group!
LtSP (Elk): I think we’ve about reached the end of the question period! Thank you for joining us! Please share some Golff links for our followers.
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