Eternal Finance X Aptos Ecosystem AMA Recap
Eternal Finance officially launched on the Aptos Mainnet on 3 Feb 2023. Our goal is to build the top automated and leveraged yield farming protocol, providing yield farmers with the juiciest yields on Aptos.
On 10 Feb 2023, we are honored to be invited by our media partner, Aptos Ecosystem to allow us to share more about our project details on their Twitter Space and answer questions from the community.
Here’s the recap on AMA, just in case you missed it!
Full Audio: https://twitter.com/AptosEcosystems/status/1623728044358631428
AMA Content
Q1: Do you have any plans to add new networks?
Yes, we always keep an eye open for any suitable chain. Move-related chain like Sui would have higher priority too. However, we may prioritize improving the functions first.
Q2: What is the future development roadmap of the project?
We have lots of exciting developments planned for Eternal Finance! In the first quarter of 2023, we have been looking for a potential launchpad for our IDO. We’re also getting an audit report to ensure that everything is in order.
In the coming months, we would like to introduce our leveraged long and short strategies, as well as a pseudo-market-neutral strategy and a capital-protection bot. We’ll also be launching an Oracle Guard to keep everything secure. P&L simulation and analysis are important too. Based on our pseudo-market-neutral strategy, our Eternal Vault will automatically manage your market-neutral positions.
We’re also working on cross-chain farming for ETH, BNB, and Aptos, the chains that support PancakeSwap. Finally, we’ll be working on portfolio analysis and governance, as well as supporting more chains and getting listed on centralized exchanges. It’s going to be an exciting year for us and our community!
Q3: I think your project is great! How do we buy your token? any presale or public sale?
We don’t have a solid plan yet. But I will make sure you guys have the information regarding it soon. We are talking to different potential partners and exploring the option of IDO.
Q4: Do you have any plans to make NFT become a new market trend?
Yes, we are considering launching NFT project. But we want to focus on our core functions first. After we launch more functions, we will definitely revisit the NFT project idea and explore the integration of NFT into our platform
Q5: What is the inspiration behind the name Eternal Finance?
I love the fun themes of projects and how creative some projects can get on the Fantom chain. The protocols there are using Halloween characters as their mascots. So we came up with the vampires as ours. We are aware that vampires do not have a positive rep and, hence Eternal was birthed and it also aligns with our vision to provide profit for the eternal creatures, where the profit does not stop flowing.
Q6: Has your project been audited? how about the system, is your project safe from hackers?
Yes, OtterSec is auditing us. The audit report should be completed within the next two weeks.
Q7: How can users stay up to date with the project? Are there channels, including local communities where users can get the latest updates?
I would say Discord is the platform to communicate with our core team and community members, other platforms such as Twitter and Medium are also good channels to get updates on our project.
Q8: How will your project generate revenue to sustain your project and what is the revenue model?
We charge a portion of a fee on top of borrowing and yield. This simple revenue model can help us focus on bringing more value to farming strategies. So we can attract more farmers to deposit on our protocol instead of the others, and of course, retain farmers. The more TVL is deposited the more revenue is generated.
Q9: Can you list 1–3 killer features of the Network that makes it ahead of its competitors?
Currently, the majority of competitors on Aptos use the one-asset borrowing model. That means you can only borrow one asset per position. It is not handy for complicated yield farming strategies. We allow farmers to adjust their ratio between two assets.
Q10: I am curious to know if there are enough reward plans for community users’ participation and various events.
Since we haven’t done our TGE, the mining reward will be distributed after TGE. We currently have an ongoing OG giveaway campaign, and please visit our Twitter for more information. By becoming an OG, users can enjoy many benefits, like early access to our updates and new features, bounty programs such as Airdrop and NFT, and participation rights in exclusive community events.
Q11: What really MOTIVATED you to bring such a great PROJECT into existence? And what are the mission and vision of the project?
When we started brainstorming the idea of Eternal Finance, Aptos was missing leveraged yield farming platform, while PancakeSwap offered attractive yields. As experienced yield farmers, we saw an opportunity to maximize these returns through leverage, but the existing protocols on the market only allowed for borrowing one token per position and lacked sophisticated strategies. This led us to make the decision to bring our expertise to the Aptos chain and create a user-centric, leveraged yield farming platform that provides users with more advanced strategies and a better yield farming experience.
Q12: Can you explain how is your Tokenomics Distribution?
We haven’t confirmed yet. Our draft idea is 4:3:2:1, 40% goes to mining reward, 30% goes to the ecosystem, 20% goes to continuous development, and 10% for public sale. We will further adjust the mining reward into two parts, one part will be a reserve, and the other part is distributed according to TVL in order to prevent inflation.
Q13: For project development, the top priority is to have sufficient funds. Is your team financially able to carry out this project?
We are self-funded currently. For long-term development, we are planning to raise funds through a round of public sales to carry on for at least 1.5-year development.
Q14: How many team members are there?
We have around 10 members now. Most of us are developers.
Q15: Can users use your token for staking?
In the future, we will have more staking features that will provide better utility for Eter token
Q16: Marketing and partnership are crucial to any project because it reinforces and spreads the credibility of that project. Can you list several well-known partners? What will you execute to keep long-term holders as well as investors?
Our team is actively speaking to different protocols. Currently, we have partnered with you (Aptos Ecosystem), Aptos Insights, Aptos Insider, and Aptos Projects. We are designing a veToken system to reward to motivate users to hold the tokens long-term.
Q17: What has Eternal Finance done/plans to do to achieve user adoption?
We plan to educate users more about Leveraged Yield Farming so they can dive into it. There is a lot to learn before when venturing into the unknown, in order for new users to enjoy their yield, we believe they need to understand what they are diving into.
We will partner with more Media to attract new users, and our marketing team is planning content to educate newbies about Leveraged Yield Farming. These are backlogged for the next phase as we are spending our attention on Dev work right now.
Q18: How much can a user borrow from Eternal Finance?
Currently, the leverage is 3x. For Stable — Stable pair, we will explore the option of going up to 5x. More details will be updated on Gitbook. Stay tuned.
Q19: Why did you choose Aptos?
Honestly, after developing solidity over the past years, Aptos’s Move language just spoke to us thus making the main reason. Apart from that, we saw the opportunity to offer leveraged yield farming services on the Aptos network once we found out that PancakeSwap is heading toward Aptos. We firmly believe that Aptos will become one of the best networks in the near future.
About Eternal Finance
Eternal Finance is revolutionising the DeFi space with a one-of-a-kind portal that links VAMPIRES seeking safe and attractive APY with SORCERERS looking to maximize their returns with leverage and alpha.
Vampire playgrounds 🛝
🧛🏻♂️ Eternal Finance | 🧛🏻♂️ Twitter | 🧛🏻♂️ Discord | 🧛🏻♂️ Blog | 🧛🏻♂️ Docs
