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DeFi Wizard x Satoshi Club AMA Recap from 27th of February

Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from DeFi Wizard and our guest was Anand Kamath — representative of DeFi Wizard. The AMA took place on 27 February.

The total reward pool was 500$ and has been split into 3 parts.

In this AMA Recap, we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Website

Luis Merino

| Satoshi Club:
Hello everyone and welcome to another AMA session with Satoshi Club. Today our guests are from DeFi Wizard.
@Anandkamath welcome, feel like at home

Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with DeFi Wizard! Welcome to Satoshi Club

Mary | Satoshi Club:
@Anandkamath welcome here

Anand Kamath:
Hey guys, Glad to be here.

Mary | Satoshi Club:
Hello, Anand

how are you today?

Anand Kamath:
I’m doing great.

Mary | Satoshi Club:
Awesome! Let’s start our AMA then

Mary | Satoshi Club:
Could you please introduce yourself and tell us more about DeFi Wizard

Luis Merino

| Satoshi Club:
Hello!

Anand Kamath:
My background has been a developer all my life. Have 10 years of development.

Mary | Satoshi Club:
Wow, big experience

Anand Kamath:
I started working on Blockchain in 2017. Have been working with various blockchain companies.

Luis Merino

| Satoshi Club:
2017! Same as me

Anand Kamath:
Have built and deployed the token contract for so many projects.

Mary | Satoshi Club:
Could you name some of them? Or it’s a secret?

Luis Merino

| Satoshi Club:

Anand Kamath:
Definitely secret. As I was working as Services DEV shop.

Mary | Satoshi Club:
Got it

Mary | Satoshi Club:
how did you start with DeFi Wizard?

Anand Kamath:
As I have been working on more and more crypto projects, I have been doing lots of recurring work.

So I decided to come up with the command-line tool for myself to reduce the work.

Initially, I came with the command-line tool.

A couple of months back we decided to build a platform for the same.

So far even with our closed beta, the response has been overwhelming.

Mary | Satoshi Club:
Yes, I see that you want to make life easier for developers and not only for them

Luis Merino

| Satoshi Club:

Anand Kamath:
Developers and also crypto teams.

Luis Merino

| Satoshi Club:
That’s the point

Mary | Satoshi Club:
Thank you for your intro, Anand! Do you want to add more important info or we can start with the questions from our community?

Anand Kamath:
We have our public sale and TGE on 1st Match

We are doing a DUOL IDO on Bounce Certified and FalconSwap;

Mary | Satoshi Club:
Double IDO

Anand Kamath:
Projects who are already using DeFiWizard: https://defiwizard.xyz/projects

We published our token metrics yesterday: https://defiwizard.xyz/token

Our pricing model for the service are these: https://defiwizard.xyz/pricing

Luis Merino

| Satoshi Club:
FalconSwap! We had them here too

Luis Merino

| Satoshi Club:
Great ones!

Luis Merino

| Satoshi Club:
Cheap prices

Mary | Satoshi Club:
Thanks! Great info! We will have more questions about your sale in the first part! Ready for it?

Anand Kamath:
Yes.

Anand Kamath:
Bring it on!

Q1 from Telegram user @rhedd
At this moment Decentralized Finance is at the highest peak in the crypto space…But the transactions on ethereum are congested, transaction fees are taking more elevated and more soaring.., What are the things that we can wait to see for DeFiWizard to make difference to DeFi space? And what protocol or solutions does DeFi Wizard come up with to address the problems facing Decentralized Finance?

Anand Kamath:
We don’t have any solution for the gas price issues. But we have built a token bridge for Binance Smart Chain. Where the trades can happen for below dollar. Not $100 like ETH.

Done.

Luis Merino

| Satoshi Club:
The token bridge is necessary at this moment

Mary | Satoshi Club:
Did you count how much money an ordinary crypto company will save by using your services?

Anand Kamath:
No at the moment. But one the project called ZeroSwap got more than 10m liquidity right away on BSC

Luis Merino

| Satoshi Club:
ZeroSwap are big

Mary | Satoshi Club:
Yes, they were here yesterday

they’re cool!

Mary | Satoshi Club:
With your help

Mary | Satoshi Club:
Thank you for your answers!

Luis Merino

| Satoshi Club:

Mary | Satoshi Club:
Ready to proceed?

Anand Kamath:
Yes.

Luis Merino

| Satoshi Club:
Let’s go!

Luis Merino

| Satoshi Club:

Q2 from Telegram user @NataliyaKil
The DeFi Wizard Public Distribution Sale IDO is launching on 1st March 2021 on Bounce and FalconSwap. In this connection, you posted a lottery on your Twitter for a spot on the Whitelist.
I have fulfilled all the conditions of the tweet and I have a question! What are my chances of getting into the Whitelist? How will the winners be determined and, in case of victory, how will you contact them? If, for some reason, the winner gives up his place, will the other lottery participants have a chance, will there be a back-up additional list?

Anand Kamath:
We will review it tomorrow and finalize the whitelists.

If the winner gives up, we will probably add it to the back-up list.

Luis Merino

| Satoshi Club:
Can I still participate in that lottery? Or participation is already closed?

Anand Kamath:
It’s still open.

Luis Merino

| Satoshi Club:
Can you please share the link with us?

Mary | Satoshi Club:
How many people already applied? Can you tell us?

Anand Kamath:
https://medium.com/defi-wizard/defi-wizard-ido-on-bounce-falconswap-whitelist-now-open-709b03998b47

Anand Kamath:
40K users have already applied.

Mary | Satoshi Club:
Omg

it’s a record

Luis Merino

| Satoshi Club:

Mary | Satoshi Club:
Congratulations! It’s a real success!

Luis Merino

| Satoshi Club:
Yes! It’s a huge number

Mary | Satoshi Club:
Btw, when you will list on exchanges after-sale?

Anand Kamath:
We will add liquidity to uniswap on 1st.

Luis Merino

| Satoshi Club:
We are near then

Mary | Satoshi Club:
All who will miss the sale will be able to buy there

Anand Kamath:
Definitely.

Mary | Satoshi Club:]
Thanks for your answers! Ready to jump to the next question?

Anand Kamath:
Yes.

Q3 from Telegram user @Rosane1a8
Defi wizard works as a dashboard to build DeFi smart contracts with a few clicks, probably easier than ever. The idea of making the development of SM more simple will definitely bring more people to deploy their ideas with blockchain technology, but how much knowledge is required, at least as a minimal, to build a DeFi Smart Contract in DeFi Wizard? If it is so easy to make one, does it mean that the functions or efficiency of the SM are limited to make it easier to deploy and use?

Anand Kamath:
Definitely yes.

Luis Merino

| Satoshi Club:
No one will stay with empty hands

Mary | Satoshi Club:
If I will apply for your services will I get a fully working product in the end?

Anand Kamath:
Yes.

We will give the code and instructions for deployment and white-labeled UI/UX dApp.

Mary | Satoshi Club:
Great! What is the price for these full services? Do you make a discount if a project wants to take the full package?

Anand Kamath:
We don’t have any discounts planned. We plan to have refferral model

Mary | Satoshi Club:
It’s also very attractive

Mary | Satoshi Club:
Thank you! Do you want to add something or we can go to the next question?

Anand Kamath:
Next question.

Q4 from Telegram user @borysfireball
It was interesting to read about DeFi Wizard DeFi dApps building system. I was touched by the issue of audits of smart contracts and there was a certain dissonance. While you write that your smart contracts are audited you won’t provide any auditing report after making the nessesary changes related to the project. I’m interested — who will make these necessary changes? You or the project? If you, why don’t you provide an auditing report. If the project, then what’s the point of this, if immediately at the exit the security of the contract is questioned.

Anand Kamath:
Changes done by the platform.

We make changes to audited base-smart contracts.

We will run all the tests against the changed code to make sure nothing has broken.

For example, token contracts need changes in supply, decimals, symbols. For changing these params we don’t need another audit.

Mary | Satoshi Club:
It’s logical. But why do you recommend doing an audit after this?

It will be like a second audit. And, of course, it’s additional expenses.

Luis Merino

| Satoshi Club:
Great question, QuestionMary

Mary | Satoshi Club:
Ahaha

Luis Merino

| Satoshi Club:

Anand Kamath:
Yes. I wanted to eliminate this case of auditing the audited code.

It’s of no-use.

There are 100000s of Smart Contracts already verified on etherscan.

There is no complex changes involved.

Luis Merino

| Satoshi Club:
Just a few…

Anand Kamath:
99% of contracts use OpenZepplin. Which has been audited at least 50 times so far.

Mary | Satoshi Club:
It’s a lot

Luis Merino

| Satoshi Club:
OMG

Mary | Satoshi Club:
So, in simple words, if a company didn’t request an additional audit it’s still can be recognized as secure, but without an audit report, right?

Anand Kamath:
Yes.

Mary | Satoshi Club:
Great! Noted

Anand Kamat:
We should audit the protocols not the common smart contracts like token, staking, yeild farming, etc.

Mary | Satoshi Club:
Gotcha

Ready to proceed?

Luis Merino

| Satoshi Club:
Totally agree!

Luis Merino

| Satoshi Club:
Q5 is coming…

Q5 from Telegram user @meml97
I read that DeFi Wizard currently supports Ethereum, Binance Smart Chain, xDAI, Matic, Elrond. Do you have plans on adding more blockchains to your support list? I noticed that you don’t support Polkadot, Cosmos or Huobi that are other big blockchains. Any specific reason why you don’t? Do you have plans on supporting them too? If so, when will we see it happening?

Luis Merino

| Satoshi Club:
Great question

Anand Kamath:
We are concentrating more on EVM-based chains and Elrond for now.

We will definitely build a bridge for Polkadot and Cosmos.

Mary | Satoshi Club:
Do you have any terms for this? Or you concentrating on another aspects now?

Luis Merino

| Satoshi Club:
When do you plan to build them?

Anand Kamath:
Next quarter.

We are launching our first platform on March 10th

Mary | Satoshi Club:
Almost here

We will be waiting for this event

Thank you, Anand! And we have just the 6th and the last question from this part left

Anand Kamath:
Sure.

Q6 from Telegram user @Wormz28
To strengthen the adoption and accelerate the community growth, what will DeFiWizard plans or ways to rewards and benefits the LPs and your token holders? Also who is eligible to receive rewards in the platform and how can users buy your $DWZ Token?

Anand Kamath:
We are definitely planning to share the revenue with DWZ holders.

60% of revenue from Platform goes to Treasury.
25% of revenue would be distributed to DWZ holders.
15% of revenue would be burned every month.

We have a buy back and burn mechanism

Mary | Satoshi Club:
Will holders need to claim these 25% rewards or you will send them directly to their wallets?

Anand Kamath:
Claiming.

Mary | Satoshi Club:
Got it

thanks!

Part 2 — live questions from the Telegram community

Q1 from Telegram user @MagdaCV
On their website they say that it is possible to create smart contracts and tokens in a few simple clicks, is it really that easy? And if so these are not more prone to hacks? Developing something that lasts takes time.

Anand Kamath:
That’s the biggest problem we are trying to solve.

Q2 from Telegram user @Joseunda
What is the procedure to create a DeFi project through the DeFi Wizard?

Anand Kamath:
Choose what you want to create, pay $DWZ, and download the contracts and documentation for deployment.

Q3 from Telegram user @moe_808
Can you explain your Tokenomics are distributed? How much is the total supply?

Anand Kamath:
https://defiwizard.xyz/token

Q4 from Telegram user @lzamg
DeFi Wizard offers a wide range of services for building DeFi projects from zero, but I would like to know if you also offer the possibility of executing projects’ token sales or maybe crowdfunding? If not, have you thought about including this type of service?

Anand Kamath:
We are definitely planning to come up with a crowd-funding template.

We will release this by end of March.

Q5 from Telegram user @DiegoRME
How is your DWZ supply distributed? Can you show me your token distribution?

Anand Kamath:
https://defiwizard.xyz/token

Q6 from Telegram user @NataliyaKil
Defi Wizard has raised a total of $750,000 from X21 Digital, AU21 Capital, Amsterdam-based TRG Capital, DeltaHub Capital, NGC Ventures, and ExNetwork. How important was the recently concluded fundraising round for Defi Wizard? What other sources of income do you attract to develop Defi Wizard?

Anand Kamath:
We have a constant revenue model.

https://defiwizard.xyz/pricing

Q7 from Telegram user @Pratze
I read that Defi Wizard has Staking program and Yield Farm, can you please introduce to us how are your stake system work? and how is the calculation reward that staker will get?

Anand Kamath:
https://defiwizard.xyz/projects

Q8 from Telegram user @niko518
Do You plan to migrate from ETH to BSC? how it will be helpful to projects that will be launching on BSC?

Anand Kamath:
Yes. We will have both ETH and BSC tokens. Trading on BSC is -99% cheaper.

Q9 from Telegram user @JoanaZ
There is necessary for the developers or owner of a project, pass a KYC model before using your smart contract Creator tool?

Anand Kamath:
No KYC required. It would be a trustless system.

Q10 from Telegram user @Mamberr0y
What is the development status of the ETH-BSC bridge and can projects move their assets from ETH to BSC?

Anand Kamath:
We already have 2 projects using it on production ZeroSwap and one more confidential. We have 10 more projects already signed up.

Part 3 — Quiz Results

In the final part, we tested your knowledge in terms of Defi Wizard. They’ve prepared 4 questions for this part. The total reward pool for the quiz was 300$.
For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club
Russian Telegram group: https://t.me/satoshi_club_ru
Spanish Telegram group: https://t.me/satoshi_club_spanish
Telegram Channel: https://t.me/satoshi_club_channel
Twitter: https://twitter.com/realsatoshiclub
Website: https://esatoshi.club/

Our partners:
Defi Wizard Telegram community: https://t.me/defi_wizard

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