AMA Recap with Weave CEO Stephen
Transcript of Merkle Network’s AMA with Weave Financial, 26th Jan 2022, 2pm. UTC
Hello everyone,
Thanks a lot for joining us for the AMA with Weave Financial CEO Stephen in Merkle Network’s Telegram group yesterday.
We received immense interest and insightful questions during the AMA from our community, we thought to put them down for others who are still joining our community and would like to know more about Weave and what they are up to.
Can u give a small introduction and let us know your how your crypto journey started?
Stephen: I’ve always been interested in personal finance but started to get really involved with cryptocurrency and DeFi in particular when I was looking for a better interest rate for my money when comparing it to what I was receiving from my bank. I started to get involved with Autofarm whilst they were only on the Binance Smart Chain and HECO (at first just with stablecoins) and began participating in their community a lot. From there I worked my way up into various support team roles, working with the core team along the way. I met an amazing variety of people and learnt a lot from my time in the community management team. It is also where I met Andreas and Jonny, who I Co-Founded Weave with.
What inspired you and your team to start Weave?
Stephen: When bringing our ideas together, we decided that we wanted to create a place where both beginners and experienced yield farmers have the chance to earn consistent and safe rewards. We were conscious that there are a lot of people out there who would like higher returns on their money but are intimidated by cryptocurrency and may not even know what DeFi is. With Weave, we want to bring together these people with those already present in the DeFi and crypto space, to create a cross-chain DeFi hub which is designed with all in mind.
Can u tell us more about Weave and its features?
Stephen: Weave is a next generation yield farming platform, delivering some of the most powerful DeFi tools available anywhere. Our protocol is built on a strategy builder that can create yield farming strategies customized to function in any way you choose. With Weave Pro, you’re not investing in pools or vaults created by our platform, you’re building a smart contract to yield farm exactly the way you want to.
For the first time ever, you can create smart contracts for yield farming simply by dragging and dropping different elements from our strategy builder, with zero coding experience needed. With thousands of currency pairs available and practically unlimited ways to take and compound yield, our strategy builder has infinite possibilities.
This type of strategy builder is not just unique in crypto, as far as we know it’s completely unique to the entire finance sector. The ability to build your own smart contracts has the added benefit that you’re not putting your funds into pools or vaults that are owned and controlled by Weave. The contract it creates is your own, so you maintain complete control.
Our platform is not just for those that are experienced in DeFi and yield farming. Weave Passive, the copy-farming side of our platform, allows even absolute beginners to earn yield simply by copying the strategies of their favourite Pro Weaver.
Pro users that share their strategies can even earn a portion of platform fees simply by building amazing strategies and allowing others in the community to copy that same strategy. For even more ways to earn with Weave, our referral rewards program will also be launching in the near future.
We will enable Weave Passive users to choose the strategies they copy based on their desired risk tolerance (e.g. stablecoin-only strategies or strategies which include more volatile assets also). Weave Passive platform will incorporate various metrics and filters to allow for the user to stake into their desired strategy.
On what aspect will Weave be working with Merkle on integrating us into your site?
Stephen: Weave and Merkle will be starting their relationship by integrating excellent Merkle bridging solutions into Weave. We feel incredibly privileged to be partnering with you and are very excited to be working together for the foreseeable future. Merkle can help Weave achieve the vision of making cross-chain DeFi application a possibility where users from multiple blockchains can participate and earn yields on Weave. There can be other use cases explored further in the longer term such as creating Interoperable DeFi Markets, Multi-chain Lending & Borrowing Platforms, Yield Optimisation and Distribution and solving fragmentation of Assets Across Chains.
We’re also very excited to offer your team the opportunity to have their own official Channels strategies on our site!
Can u give us an example of how your Strategy Builder can interact with other project farms too, for people to understand it better?
Stephen: Firstly, let’s say you want to use Quickswap farms to yield farm on a pair such as QUICK/MATIC but you want to compound part of the gains and take the rest as regular profits. You can determine a % of yield to put back into the pool to be compounded and set the remaining to be paid out in profit. For example, you could compound 50% and take 50% as regular profit. You don’t even need to take the yield in the pair that you’re in! You could decide that the profits you take you don’t want in either QUICK OR MATIC, so how about taking them in DAI instead, or maybe even in $Weave tokens? All of this is possible with our strategy builder!
Let’s look at another example also. Let’s say you have a nest egg of funds that you don’t want to take volatility risk with, so you’ve been keeping them in stablecoins, but you still want to make some yield from them. Generating yield from stablecoins is nothing new, but with Weave you have much more control over how you use the yields you generate. So, you might decide that while you want to keep your nest egg in stablecoins, you are happy to take a higher degree of risk with the yield. Therefore, you build a strategy that earns yield on the stablecoins but uses that yield to buy some tokens of a project you feel has great growth potential! You can even have the yield split several ways, so that you create a portfolio of these higher risk coins and grow your portfolio over time on complete autopilot.
Here’s a video to help your community understand our product better, but let me share some written examples too!
Can you share some information about $Weave and its use cases?
Stephen:
The tokenomics for the $Weave token have been designed to achieve 4 things:
- Offer exceptionally high rewards for early community members
- Reduce total supply over time (deflationary)
- Limit circulating supply by releasing coins gradually over many years
- Encourage our community to HODL by offering strong use cases and excellent
staking rewards
$Weave tokens are awarded daily (and claimable weekly) for users of the platform
as well as those staking or providing liquidity.
Max total supply : 200,000,000 WEAVE Tokens
The total supply for the Community Daily Rewards Scheme (108m $Weave) is scheduled to be released evenly over 10 years, meaning 10% of the total pool (10.8m $Weave) will be released and distributed per year.
We also have milestone bonuses for $Weave single and LP staking, so users are rewarded with bonuses incrementally based on their staked amount!
Use cases for the $Weave token include:
- Governance — staking/LP providers can vote on strategic decisions
- Reducing platform fees — a sliding scale of fees based on amount staked
- Awarded to users for using the dApp and for staking & LP for the $Weave token
- Staking/LP providers receive a share of platform fees
- Staking/LP providers receive % of all $Weave token sales
- Staking/LP Providers will soon unlock additional platform features & tools
- Referral/Affiliate program requires staking or LP to unlock higher earning levels.
Whilst the maximum total supply of $Weave tokens is set at 200,000,000, the token is
also deflationary, meaning that coins will start to be burned from the outset.
Whenever someone buys/sells our $Weave token, a 5% fee is applicable. This fee is
distributed in the following ways:
- 3% redistribution to Weave staking & liquidity pool
- 1% tokens burned forever
- 1% to platform
Everyone can check out our most recent whitepaper for more information on our tokenomics.
Where can we buy $Weave? Is it listed at the moment?
Stephen: Currently, since we’re launching the early stages only on the Binance Smart Chain, $Weave is available for purchase on Pancakeswap via the below link
Why should our users get involved with your community? What are some benefits that users will get???
Stephen: People should get involved with our community as we have launched a community scheme where consistently active and helpful community members (on both our Discord and Telegram) will be rewarded with one of 3 roles in a tiered form, Level 1 being the lowest of these, and Level 3 being the highest (with the role names being Beweaver, Weave Patron, Weave Ambassador).
The intent of this role scheme will be to allow those who are Weave Patrons and Ambassadors (Levels 2 and 3) to work with the team on tasks, see new features early and formally represent Weave in a variety of ways (only once at Level 3).
What are your plans for the future, what should the community look out for? What can we expect from you guys in the future?
Stephen: In the short term, Weave’s full platform will be launching on the Binance Smart Chain, OEC, Polygon, and HECO — we are also working on formalising a variety of partnerships with projects on each of these chains. To support those who want to learn more about DeFi, we have also begun releasing content for the Weave Academy on our YouTube channel, which is a place for people to enhance their knowledge and understanding of the incredible opportunities the cryptocurrency sector has to offer.
Later this year, we will be launching cross-chain farming strategies, utilising Merkle to help us achieve this. Something else we’ve begun to look at is how we can best market our project in different areas of the world — our highly multi-cultural team are really helping to push this initiative forwards. Looking further ahead, our team’s CeFi specialists are thinking about how we can begin integrating the Weave Passive side of our platform with the traditional finance sector (CeFi), which will only help bring DeFi to the masses.
There are so many exciting things coming up!
If anyone wants to find more details about Weave, which are some of the official sources???
Stephen: I’d recommend checking out the below link to join our Discord and Telegram communities and to find out more about where to get started with Weave. Our community will be very pleased to welcome all of you. :)
https://linktr.ee/weavefinancial
Community Questions:
Can you list 1–3 killer features of this project that makes it ahead of its competitors? What is the competitive advantage your project has that you feel most confident about?
Stephen: Sure, Weave will have:
- Flexibility
- Security
- No barriers to entry
What are plans in for global expansion? Are you focusing on market at this time or focus on building and developing or getting customers and users, or partnerships?
Stephen: Longer term as stated towards the AMA, we see ourselves starting to focus on the CeFi market. We are already researching how to do this with the CeFi specialists within our team. We want to make institutional investors feel comfortable investing into DeFi for the first time, and for them to be able to easily utilise our strategy builder on behalf of their clients.
How many partners does your project currently cooperate with? Can you share a few more information about them? What benefits does your project receive from partners and vice versa? Based on what criteria do you choose your project partner?
Stephen: Well Merkle is going to be a very important partner to us, but beyond them, its worth considering that we are going to be partnering formally with a multitude of DEXes in addition to some simple to use DeFi wallets also. Over the weekend, we announced our partnership with Dfyn for example :)
Regarding the safety and security of your platform what are the security measures adopted and have you done any audit of smart contracts?
Stephen: We are currently reaching out to potential auditing partners so that they can audit our staking contracts first, and then move onto auditing the strategy builder once its live :)
What is the vision and mission that your team hopes for with your project, what are the priorities and advantages of the teams and projects that you believe can compete and thrive and survive for the long term?
Stephen: We really value that Merkle reached out to us and now that we’ve partnered with them to help really bring DeFi to a new audience, one which can be eased into cryptocurrency and yield farming whilst feeling safe at the same time. Our community and the friendliness of our team, ambassadors and patrons is second to none and I’m very thankful for that. :)
About Weave:
The weave is a next-generation yield farming platform. Our strategy builder will allow yield farmers to build their own custom strategies for their favorite pairs (even cross-chain as part of phase 2) and set the yield to be harvested/compounded EXACTLY as they want it. They may choose to compound only 50% of yield and withdraw 50% for example, or even take the yield in other crypto-assets they’re bullish on. Our drag and drop interface will make building strategies easy and even fun! We’re delivering an incredibly powerful set of DeFi tools unlike anything else that exists currently.
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