GAINS Associates
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GAINS Associates

WISE Token — Telegram AMA — April 24

On Saturday, April 24, we had the pleasure to welcome to our Telegram chat:

Peter Girr, CEO.

We asked him questions about the development of WISE.

Some sentences have been slightly edited for readability but the meaning has been conserved.

Summary

WISE is an innovative cryptocurrency designed to be a highly secure store of value that can be easily staked to earn trustless interest.

The WISE contract allows users to earn interest on WISE token time deposits called stakes, which are most similar to bonds, but more flexible. A stake earns interest like a bond, but with the added feature of allowing interest withdrawals at any time during the life of the stake; not something bonds allow.

WISE stakes have a higher return, much lower risk (due to being decentralized and trustless), and far higher flexibility than both bonds and CDs. With WISE, you no longer have to worry about trusting banks and governments to stay solvent and not change their rules. No more worrying that a bond issuer may default on you.

Introduction

Q — Ayeley Commodore-Mensah from GAINS: Tell us a bit about you. What did you do before crypto and did you have any other previous venture in crypto?

A — Peter from WISE: Before learning about crypto I was a Military Intelligence officer in the US Army. After returning from an Afghanistan deployment, I became a real estate entrepreneur, and I discovered crypto while looking for ways to invest my profits. I got burned BAD on my first crypto investment, which was a passive profit platform, and my frustration from being scammed drove me deeper into learning blockchain. Years later in 2019, I put together the team to build Wise Token: a safe, ethical, and fairly launched DeFi project.

About WISE

Q — Ayeley Commodore-Mensah from GAINS: Tell us, what is the WISE token project about in a few simple sentences?

A — Peter from WISE: WISE is an asset-backed cryptocurrency designed to be a highly secure store of value. WISE products include staking, lending/borrowing, and liquidity providing. 100% of the system’s profits go to users, so owning WISE is owning a share of profit for the entire ecosystem.

Q — Telegram user Femi Oyinloye: What gave you the motivation to bring the Wise project into existence, any interesting stories you can tell us?

A — Peter from WISE: The fire under my butt is from getting scammed that first time. I wanted to create an ecosystem where that was IMPOSSIBLE!

Q — Telegram user Amina PeterIf all profits get distributed back to WISE holders, so what is your aim of setting up this project? What do you want to achieve with it?

A — Peter from WISE: I want to achieve tens of billions of TVL from lending just like you see with MKR Dao, Aave, Compound, etc. The reserve pool for our lending contract is held in WISE tokens and people who lend WISE to the reserve pool earn a slice of the total system profits. This will increase the demand for WISE as our TVL increases.

Q — Ayeley Commodore-Mensah from GAINS: How many people are on the WISE team?

A — Peter from WISE: Besides myself, there are 2 code developers, 2 German particle physicists (I did not plan that but it worked out great!), and a community manager on our core team. We also have an army of volunteers that help us with marketing. 🙂

Q — Telegram user 🌼 Seoyun 서윤 🌼: We have witnessed that many projects initiated with inexperienced team members fail due to easily preventable and simple mistakes. Are the experience and career of your team enough to avoid simple mistakes? What are the data that will make us trust your team?

A — Peter from WISE: Great question! And we didn’t even trust our formal audit. We conducted our own internal testing and also held a bug bounty with 100 ETH in rewards. To date, we are solid, without any issues, and I have reason to believe my developers are some of the best auditors in the space as well.

Q — Telegram user Derry Sufandi: I’ve tried WISE calculator. For 1000 WISE at 365 days, you will get a total return of 1,080.77 WISE. How does WISE keep the price stable? Any guarantees?

A — Peter from WISE: That is just an example, but also remember WISE is backed by ETH. So if ETH goes to $5000 then those 80 tokens will be looking pretty juicy! Our staking is also based on supply and demand and 88% of the circulating supply is staked (that’s a LOT). On BSC I expect much less to the stake because of all the other ways to earn in the system that were not available when we launched on Ethereum 4 months ago.

Q — Telegram user Akeem Anike: I have not heard about leverage lending before, can you please tell me more about leverage lending and what makes it different and better than normal lending?

A — Peter from WISE: I’m glad you caught that! Leveraged lending is one of the new products we innovated and will release with the lending contract. Imagine having 5 ETH but being able to lend 15 ETH to the contract and an APY on that the whole time. It’s like a leveraged long position that also earns APY.

Q — Telegram user Lorenzero: Are you also interested in working on the NFT? How is the relationship between $ WISE and other projects that are also working on NFT?

A — Peter from WISE: Definitely! There are some very interesting ways we can utilize NFTs, but first I am focused on the bread and butter DeFi products which is our lending contract deploying later this year.

Token

Q — Ayeley Commodore-Mensah from GAINS: What is the token use case and how does it capture the value of the ecosystem you’re building?

A — Peter from WISE: WISE token is the ultimate store of value for two main reasons:

1) Fair launch — The founder/team/advisors did not get any WISE for free and had to purchase it on the market like any other investor. This resulted in the complete economic decentralization of the token supply. The current biggest WISE holder owns less than 1% of the supply.

2) Asset-backed: The locking of the massive liquidity pool guarantees a price floor vs that asset. WISE on Ethereum has a price floor in ETH. WISB on Binance Smart Chain will have a price floor in BNB once the launch there is complete and the liquidity locked.

Having a well-built token that doesn’t have inefficiencies is an important foundation, and the real value-driver comes from the profits from using the staking/lending/borrowing/liquidity providing products in the WISE ecosystem. Since 100% of profits go back to WISE holders, the demand for WISE increases as the Total Value Locked in the system grows.

Q — Twitter user @ashes204bd: Can you give us an overview of Wise token economics? Is the token designed to rise and fall with the success of the platform & does it include any scarcity paths such as stake, store, or burn?

A — Peter from WISE: The cool thing about being asset-backed is that even if everyone were to leave, the market can’t be removed. If all WISE were sold back to Uniswap right now, there would still be 28,000 ETH on the other side of that pair and WISE/ETH would still be a top 10 pool on Uniswap. WISE is long-term, and the biggest scarcity creator is the fact that 100% of profits go back to WISE holders because as TVL grows, WISE becomes scarcer and scarcer as people buy it up to earn a slice of the profits.

Q — Telegram user Dayo: “The contract has no set token supply” what advantage does this give your platform? What effect will it have on the price of WISE token?

A — Peter from WISE: Our supply is 528 million and has inflation of 4% annually. (BTC had over 4% inflation before the last halving and Ethereum has 2% inflation I believe off the top of my head.) WISE is definitely not one of those hyperinflation farm tokens that we have seen come and go. Additionally, it has real profits that go back to its users including buy-and-burn which can make the token deflationary as TVL increases.

Q — Telegram user Cross Bianca: Will $WISE one day trade on Binance or Coinbase?

A — Peter from WISE: Absolutely. Binance maybe this year, but no promises. 😉

Q — Telegram user Loan Dang: Why did the WISE token team choose to develop tokens on the ERC-20 platform? What role does blockchain technology play in your network?

A — Peter from WISE: Ethereum is the biggest and most decentralized blockchain in the world. There is a reason that 90% of all projects in crypto are on Ethereum. We haven’t ignored the other blockchains (we are launching on BSC in 3 days) but Ethereum will always be an important market.

Competitive Advantage

Q — Ayeley Commodore-Mensah from GAINS: What sets WISE apart from other companies in the crypto space?

A — Peter from WISE: Definitely the asset-backed nature of the token. Asset-backed, and price floors are only really seen elsewhere in stable coins.

Also, the fact that all profits get distributed back to WISE holders is unique in the space.

Finances

Q — Ayeley Commodore-Mensah from GAINS: Great. Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?

A — Peter from WISE: We did have a big liquidity formation event on Ethereum, raising 55,900 ETH to form our market on Uniswap (currently $250 million of permanently locked liquidity). Money-handling is done by the contract through locked liquidity, etc. We do have another raise which is our liquidity formation event on BSC starting in 3 days! The team budget for the development of WISE has been paid by me thus far.

Q — Telegram user Moises: Why are you raising a capitalization of 200,000 BNB? It’s not much? What will they use it for?

A — Peter from WISE: It is the liquidity formation event. 100% of those funds end up on Pancakeswap, locked forever, creating an unremovable market.

WISE is a nonprofit.

Security

Q — Telegram user Mutia Putri utami: What security features does WISE have that can protect its users? is it really safe?

A — Peter from WISE: 100% decentralized with no admin keys. Yes, as safe as using Uniswap.

Q — Telegram user 𝔸𝕓𝕕𝕦𝕝𝕝𝕒𝕙: What do you think we should look out for in $WISE tokens that would convince us that our investment is safe?

A — Peter from WISE: The decentralized nature of the code (and the formal audit to back that up if you can’t read code.) The key is to NEVER give anyone else control of your crypto. With WISE, the funds always stay in your wallet. You never have to give them to a third party.

Business Development

Q — Ayeley Commodore-Mensah from GAINS: Talking of the roadmap, what stage is the project at? And what should we look forward to in the coming months?

A — Peter from WISE: We had a successful deployment of the WISE token and the staking contract on Ethereum. We are working on the lending contract which will allow users to borrow and lend many other cryptos (not just WISE) as well as some innovations such as leveraged lending, which is basically earning an APY on your long positions. In the meantime, we are going through ecosystem expansion, which starts with a MASSIVE launch event on Binance Smart Chain three days from now.

So fully functional on Ethereum. Will be fully functional on BSC in 3 weeks, and working on some major additional products deploying later this year.

Q — Ayeley Commodore-Mensah from GAINS: Do you have plans to launch on other chains, besides Ethereum and BSC?

A — Peter from WISE: Absolutely! Our roadmap has Caper, Polkadot, and Cardano pencilled in once those blockchains are ready. We will hold a liquidity formation event on each so that there will be a version of WISE available on each major blockchain, and backed by the intrinsically valuable asset of that network. (BAcked by ETH on Ethereum, BNB on BSC, etc)

Then we can create an index fund token that is a piece of each all together in one.

Q — Telegram user Human Nodes: Why don’t you just establish a token bridge to move to other blockchains. Why is there the need to do a liquidity formation event on other blockchains?

A — Peter from WISE: It’s part of the plan to have a version of WISE backed by each strong blockchain asset (couldn’t happen without another liquidity formation event). And then eventually have an “index fund” asset that is a piece of each WISE on each strong blockchain.

Also, the staking contract is decentralized so the rewards for staking can’t be expanded or bridged over to other blockchains.

Q — Twitter user @Calebkure4: What is the top milestone you achieved so far since inception? What are your plans and roadmaps for 2021 we should expect? How do you intend to dominate in the blockchain space?

A — Peter from WISE: Having 55,900 ETH come in for the liquidity formation event and briefly having the #1 largest pool on Uniswap was amazing! Our 2021 roadmap is PACKED FULL and it includes ecosystem expansion to BSC, Casper, Polkadot, Cardano, and well our massive lending contract. We already dominate the asset-backed tokenomics space (no other projects have a price floor vs ETH and $250 million in locked liquidity to back it up) but the real game-changer comes after our products include the full suite of industry-standard lending/borrowing products later this year.

Q — Twitter user @Niloy37474210: DeFi is great. But for DeFi, the gas fee is crazy high on Ethereum. So, any plan to move on to BSC or other layer-2 solutions?

A — Peter from WISE: Absolutely! Our liquidity formation event on BSC starts in 3 days, and there are over $500,000 in cash bounties for participating investors. I will be live streaming on YouTube every day of the event and there is a massive marketing push going on behind the scenes. We are raising a 200,000 BNB hard cap!

Q — Telegram user Kenan: How does WISE evaluate the importance of the user community? Does it have specific plans to attract and expand the #WISE community in the near future?

A — Peter from WISE: Yes to BSC, Cardano, Polkadot, Casper, etc. We are already expanded to layer 2 as well. Quickswap DEX on Matic/Polygon is offering rewards for liquidity providing on their DEX. This is very high APY and it’s just one of the DEX partners that are offering this.

Q — Telegram user Lee Chen: What is the strategic planning put in place for marketing Wise token to adopters in the crypto space?

A — Peter from WISE: Actually a large portion of our users are WISE investors as their first crypto. We are trying very hard to make things easy and understandable from an outside perspective.

Q — Telegram user ti lo: What is the WISE Token team planning to help drive demand and scarcity for tokens?

A — Peter from WISE: Staking locks up tokens and creates scarcity. On Ethereum 88% of all circulating WISE is staked for an average of 840 days. That’s pretty scarce! Once we deploy our lending contract and have a demand for more WISE being lent to the reserve pool, this will create scarcity as well. Lastly, the rewards from our partner DEXs for providing LP create scarcity.

It was a pleasure having you in our group today, and takng the time to answer all our questions. Anything else you’d like to say? Where can we follow you to stay updated? — Ayeley Commodore-Mensah from GAINS

BSC launch page | Twitter | Telegram | YouTube

Thank you everyone 🙂 — Peter from WISE

Join us now! Enjoy quality articles, daily curated news, insightful infographics, and enter a vibrant, fun, and knowledgeable community!

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