SolarFare Finance x Satoshi Club AMA Recap from 12th of May
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 SolarFare Finance and our guest was @Solarfare1 founder of Solarfare. The AMA took place on 12 May.
The AMA session was divided into 3 parts with a total crypto reward pool of 500$
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram community
SolarFare Finance (Never DM FIRST — ASK FOR FUND): Good afternoon everyone! I am happy to be here with you guys today!
Mihai Pisica: Happy to have you here mate )
How is your day going?
Andrés M. | Satoshi Club: Welcome to Satoshi Club, we are happy to have here
SolarFare Finance (Never DM FIRST — ASK FOR FUND): Pretty great, we just finish our 2nd day from launch!
Andrés M. | Satoshi Club: [ Sticker ]
Mihai Pisica: Does it went successfully?
SolarFare Finance (Never DM FIRST — ASK FOR FUND): Yeah, we had a new ATH today!
Andrés M. | Satoshi Club: We would like to know more about you, could you please give us a short introduction about you?
SolarFare Finance (Never DM FIRST — ASK FOR FUND): Sure
I am the founder of Solarfare, the person in charge of planning everything. Before I started this project, I used to work in the finance industry, that is why I have experience and understand what is good for our community
Mihai Pisica: What is the essence of SolarFare Finance?
SolarFare Finance (Never DM FIRST — ASK FOR FUND): I started in crypto currency back in 2017, and experience with all the new trend, which help me to prepare for our project
Solarfare Finance is a new generation of Yield Farming. Everyone can stake our token Solarefare ($SLF) via our DApp to get BNB as reward.
Different from other project which give reward in their own token, we decide to reward BNB as it is valueable. And also by doing this, we can prevent our $SLF to be inflated as people don’t need to sell $SLF for reward.
Andrés M. | Satoshi Club: How is your team conformed?
Mihai Pisica: Btw, how many persons are in your team?
SolarFare Finance (Never DM FIRST — ASK FOR FUND): Our team have 3 core members, me as the founders and 2 full stack developers. We studied at the same university and have been friend for a long time. It was April 2021, I see the trend clearly indicate that BSC is booming, but all the project on BSC are mostly just copy & paste without any innovations, and rug-pulls are like daily story. That is why we decided to start Solarfare — to give people a safe place to store fund
Mihai Pisica: We can see that your project is completed in the crypto trend
How long does it take to develop a project?
SolarFare Finance (Never DM FIRST — ASK FOR FUND): Well it took me nearly a month to plan and prepare everything. And our devs need to work 20 hours a day for 2 straight week to meet my deadline
Mihai Pisica: 20 hours?! Hard enough
SolarFare Finance (Never DM FIRST — ASK FOR FUND): Yeah I am a difficult boss
Mihai Pisica: But hope you will have a high-quality result after that )
[ Sticker ]
Andrés M. | Satoshi Club: So hard work, well done and congrats to your team
. Big effort means big achievements
SolarFare Finance (Never DM FIRST — ASK FOR FUND): Yup, you can see that from our website and DApp, and also our contract passed the audit successfully
Andrés M. | Satoshi Club: We have collected some community questions for you, let’s learn more about your project through them. Are you ready to proceed?
SolarFare Finance (Never DM FIRST — ASK FOR FUND): Yes please!
Q1 from telegram user @Ajpaa
There have been an increase in lack of trust and confidence for fund raising process among participants of the fund raising process , accusing the process to be unfair. How is your Launchpad platform going to make fund raising fair and transparent to secure participants confidence, thereby maintaining your platforms integrity? What are the requirements for project owners who intend to use your Launchpad platform? Thanks.
Mihai Pisica: We will have occasion to discuss about in futher questions from the community )
SolarFare Finance (Never DM FIRST — ASK FOR FUND): Hey this is a great question I read this morning!|
Our launchpad will be focused on being fair to all and ease-of-use, my developers have years of experience dealing with that exact issue: people trying to create an unfair advantage by creating bots. We are confident that beside creating a better experience for the end user, and having reasonable fees for project creators, we will assure a fair platform that anyone can use.
Our platform will be a decentralized launchpad, so this can help any new projects get the chance to host a presale. And also, we are willing to be angel investors to provide financial support and technical assistance for potential project
The launchpad will be fully audited before release to the community by 2 auditors
Andrés M. | Satoshi Club: Certik right? I read something about it
SolarFare Finance (Never DM FIRST — ASK FOR FUND): But we may require project to be audited by our partner and our team before they can start presale, as we certainly do not want any rug pull happen on our launchpad !
Yes! And Solid Group!
Mihai Pisica: Can you share here who are the Auditors?
Ah, got it )
Andrés M. | Satoshi Club: Famous companies, great job
Mihai Pisica: Indeed good strategy!
Does your Auditing report mention some issue in the process?
SolarFare Finance (Never DM FIRST — ASK FOR FUND): Yeah in fact when we started our project, we face many problem with re-deploying our contract, and that created a huge fud for us! Our first version of token passed audit from an auditors, but when we came to Solid Group, they pointed out 5 issues to be fixed. After that, we tested the contract on our local node for multiple times and found out another bugs that can greatly affect user experience with our staking contract, so we need to re-deploy again
Andrés M. | Satoshi Club: Is there any other filter needed to use your platform?
SolarFare Finance (Never DM FIRST — ASK FOR FUND): Well not really, as it is a Decentralized launchpad. But to get funding and support from us, they will need to be KYCed
Andrés M. | Satoshi Club: Thanks for the clarification, you are doing a great job
Would you like to add something else or we can proceed with the next question?
Mihai Pisica: Nice job that you have found how to solve the problem ) It is crucial to inspire confidence in user’s experience, once we want to approach more the mass adoption
SolarFare Finance (Never DM FIRST — ASK FOR FUND): I think we can proceed to the next question
Q2 from Telegram user @victorogb
SolarFare Finance recently achieved a great milestone in it’s development with an official listing of the SolarFare token; $SLF on both coinmarketcap and coingecko. This grand unveiling and the success achieved in less than 24 hours of this listings, directly gives credence to the integrity and innovative vision of the SolarFare Finance project. Drawing from the obvious success of this remarkable event, how will SolarFare Finance properly market and push massive adoptions and use of it’s services to new and existing users, and are there plans for future tier-1 exchange listings?
SolarFare Finance (Never DM FIRST — ASK FOR FUND): To be honest, we have marketing plan until middle of June. But CMC + CGC listed us too fast so we are coming up with a new marketing plan. Currently I am already in contact with a huge amount of youtubers, and they will release their videos soon. This surely can bring $SLF more exposure. Beside youtube, we are also trying to find reputable tiktokers and twitter influencers to help with this.
Yes, our goal from the start is to do the best for our project, that’s why we will focus on tier 1 CEX instead of starting from any small exchange. In fact, we already contacted multiple CEX for this, but as they have strict requirements, it can take time before listing news to be released.
And since we don’t want to make any false promise, we can’t really give you any name for now. But CEX will come for sure
Mihai Pisica: Btw, could you share with us your roadmap? What else is coming for SolarFare?
SolarFare Finance (Never DM FIRST — ASK FOR FUND): Sure, give me a minute
Mihai Pisica: Take your time mate )
SolarFare Finance (Never DM FIRST — ASK FOR FUND): Our first road map is to deliver CMC + CGC in May, and then update more function on our website. Marketing will start in June, and Launchpad will be released in July.
But since we have a very successful launch, we are currently working on a new roadmap, as we surely dont want to lose this momentum
I can share with you some sneak peek about this:
-May: Mass marketing with youtube + tiktok + twitter influencer + website update
-June: Merchandise store (yes, this is new), more marketing methods instead of the traditional crypto way, CertiK audit released. Launchpad can also be released if our auditors finish working on it
-July: CEX, lottery function, new staking pool (this will be totally different from all other project!)
Please stay tune for more update fromo us !
Andrés M. | Satoshi Club: A great events coming, don’t forget to share the announcements with us
. Is time to proceed with the third question, ready to go?
SolarFare Finance (Never DM FIRST — ASK FOR FUND): Sure, I am ready
Q3 from telegram user @Highpee
After studying your project, I am not too convenient with your plan with governance as you said governance will have no place in the Solarfare ecosystem because you see it as an unhealthy practice that doesn’t encourage total decentralisation and trustlessness. I tend to oppose this view as I believe governance is one of the crucial pillar of Defi which gives the larger community of investors an avenue to contribute opinions and suggestions on issues such as transaction fees, product features and other project improvement areas. Will this be subject to change later? What role are to be played by your community in your project? How valuable is community to you and how will you ensure community participation in important aspects of project development?
Mihai Pisica: Full schedule there )
SolarFare Finance (Never DM FIRST — ASK FOR FUND): To be fair, everything about our project has been hard coded before release, so we haven’t implemented a governance function. But we may consider it with other product after Launchpad. I agree that governance is giving out the decision to community, but in most of the case I have seen so far, most of these governance end up being controlled by “whales”, at they own a huge amount of voting power.
Our community is the most valuable thing to us, because without them, our project cannot be as successful as of now. That is why we’ve been focusing on doing the best thing for our community. And we are transparent with every decision we made. All decisions will be announced before they are implemented, and we will collect feed back to decide on how to proceed.
Andrés M. | Satoshi Club: So what are the main benefits for $SLF long term holders?
Mihai Pisica: I agree here with whales. But don’t you think there are solutions to avoid this? I mean, it would be interesting to see and hear about tech solutions how to avoid this, as I am not a developer and I’m courious about it ))
SolarFare Finance (Never DM FIRST — ASK FOR FUND): As mentioned from the beginning, our platform focus on rewarding $SLF holder with BNB reward! We have many plans to come for this. For example, 20% of the revenue from our launchpad platform will be used for staking reward, while 30% will be used for buy back and burn
Andrés M. | Satoshi Club: Great mechanisms, I think community is the pillar of each project
SolarFare Finance (Never DM FIRST — ASK FOR FUND): Hey this is actually a good question. We have some idea about this, but if we implement strategy to give everyone equal power, then again, we are being unfair to the whale
That is why we do not want to discuss too much about governance for now
Mihai Pisica: Ok, got you )
Fair point of view
Thanks for the clear answer!
Andrés M. | Satoshi Club: Great answer
Mihai Pisica: Can we shot the next one?
SolarFare Finance (Never DM FIRST — ASK FOR FUND): sure, please do
Q4 from Telegram user @quachthingoc
You state on your website “Do not touch customer funds or the keys of their smart contract.” How do you guarantee that users within SolarFare Finance are completely safe and free from malicious attack? How do you proceed a KYC on a Decentralized Exchange?
SolarFare Finance (Never DM FIRST — ASK FOR FUND): Our dev team are software engineers that have been in the industry 10+ years and have built many enterprise products. So we can ensure that we have the highest security
Proceed a KYC on a DeFi project is tricky to be honest. But we can share some of the process such as requesting for personal documents, tax information, video record, and other proof. In case the project that was KYCed decided to rug pull, these information will be release to the public.
Andrés M. | Satoshi Club: Btw, could you tell us more about your current and coming partnerships?
SolarFare Finance (Never DM FIRST — ASK FOR FUND): Sorry, this is a secret! We only reveal it at the right time, since we want to prevent pump and dump. We have seen too many project have this problem. People usually “buy the rumors — sell the news”, which is unhealthy for any project. But we can reveal one thing, that is Solid Group will definitely be one of our Auditor partners for the launchpad, as we trust their skills and knowledge!
Andrés M. | Satoshi Club: Don’t worry we understand and we we’ll be expecting for the coming new about it
Let’s proceed with the next question
SolarFare Finance (Never DM FIRST — ASK FOR FUND): Sure
Q5 from Telegram user @jodasf
Donations such as those raised by SolarFare Finance are usually a very delicate issue, since I believe that very few projects have a really transparent donation system, so could you tell us about how you handle this particular issue, tell us what motivated you to include donations in the project, how these donations are handled and how you can guarantee users that you are really sending these funds to where you claim to send them?
SolarFare Finance (Never DM FIRST — ASK FOR FUND): Good question!
As I worked in financial industry before, we usually have corporate social responsibility. That is why we implemented it into our project.
Binance Charity wallet is hardcoded in our contract — which passed audit — so you can rest assure that we really donate it for good cause. You can also verify this on the blockchain
So far, we have donated 221 BNB in the last 48 hours!
SolarFare Finance (Never DM FIRST — ASK FOR FUND):
Andrés M. | Satoshi Club: What kind of donations have been done until now? Or not yet?
SolarFare Finance (Never DM FIRST — ASK FOR FUND): We have 1% tax on all transaction converted to BNB and donated directly to Binance Charity Fund!
Mihai Pisica: Very kind from your part! 221 BNB at it value now is a huge ammount
Hope your effort will make the lives to be saved and we can get to normal life and develop projects at 100% full program )
Andrés M. | Satoshi Club: That program has been a great help to fight against covid
SolarFare Finance (Never DM FIRST — ASK FOR FUND): Thank you
we really hope that our project can make the world a better place
Mihai Pisica: And I am sure you will succed!
[ Sticker ]
SolarFare Finance (Never DM FIRST — ASK FOR FUND): Can we move to the next question?
Q6 from Telegram user @Jonahapagu
SolarFare’s staking dApp is now fully working and with this, users get to stake their SLF to receive BNB as rewards, so can you explain how your newly launched staking dApp works, what are the requirements to participate in your staking, at the moment your rewards are in BNB do you have plans of rewarding users with other tokens in the future?
SolarFare Finance (Never DM FIRST — ASK FOR FUND): We have a great explanation video to that question that will show the steps from creating a metamask wallet up to staking
Our reward so far is coming from 4% tax on each transaction. With more product in the future (for example: Launchpad), we will increase this staking reward even more!
And as aforementioned in the roadmap, we are designing a new reward pool, which will be exciting! So please look forward to it!
The only requirement to stake is to have $SLF, which you can stake into our dApp at any time to passively earn BNB. You can withdraw the accumulated BNB at any time, and you can unstake your SLF at any time with no locking period as well.
Andrés M. | Satoshi Club: What is the current APR for staking?
SolarFare Finance (Never DM FIRST — ASK FOR FUND): It depend on the trading volume
but for the last 2 days, it is about 3–5% / day
Mihai Pisica: Btw, could you tell us about the tokenomics of $SLF? How is the token amount distribution??
SolarFare Finance (Never DM FIRST — ASK FOR FUND): Sure!
Total Supply 1,000,000,000
Team Fund 20,000,000 (2%) locked 1 year
Marketing fund 30,736,200 (3,1%) locked 3 months
Unicrypt fee 10,440,000
We only control a very small amount of tokens and locked! This will ensure the community that we are committed to this project for long term
Andrés M. | Satoshi Club: Amazing, thank you so much for the clear answers, it has been a great time for us.
Now, is time to proceed with the live segment
. Time to interact with our dear community members
Mihai Pisica: Yep, noticed that ) Well done
SolarFare Finance (Never DM FIRST — ASK FOR FUND): Im looking forward to this !
Mihai Pisica: Thank you so much! Now get ready for the most exciting part of our AMA — the live questions!
Part 2 — live questions from the Telegram community
Q1 from telegram username @testercoin
Do I need to make KYC for the projects using your launchpad? Do I need KYC for each project?
SolarFare Finance (Never DM FIRST — ASK FOR FUND): I think you are misunderstanding about KYC in this situation.
Different from CEX, KYC on defi is for project owner, we need to know who is actually the one created that project. They can stay anonymous, but community can rest assure that if they decide to rug pull, you can know where to find them!
Q2 from telegram username @boradam
Do you only have BSC for your launchpad projects? Don’t you plan to integrate projects with other blockchains?
SolarFare Finance (Never DM FIRST — ASK FOR FUND): We are considering this for our launch pad, since BSC is literally a fork of Ethereum blockchain. But our main focus will still be BSC
Q3 from telegram username @ronaldo_super
Are there any plans for you to list SLF token on a centralized exchange? Or do you always want to be decentralized?
SolarFare Finance (Never DM FIRST — ASK FOR FUND): Yes, as aforementioned, we will be listed on CEX. But our focus is top 10 CEX
So please stay tune and wait for more announcement from us
Q4 from telegram username @nitrogenpower
Is it possible to get BNB rewards using your platform? How can earn BNB with you guys?
SolarFare Finance (Never DM FIRST — ASK FOR FUND): As aforementioned, Solarfare is a yield generating platform! Anyone can earn BNB reward with us, just by staking your $SLF
Q5 from telegram username @Guandog
What are the current incentives for SLF LPs on pancakeswap?
SolarFare Finance (Never DM FIRST — ASK FOR FUND): No incentives for now, but you can still receive pcs fee by providing liquidity.
P/s: we just filled the form to have a partnership with PCS about this
Q6 from telegram username @adaatalay
We, investors, stock markets, partners are afraid of being defrauded. How did you determine your strategy to give investors confidence?
SolarFare Finance (Never DM FIRST — ASK FOR FUND): To give investors confidence, we need to ensure that our product have the highest standard. That is the reason we have multiple audits on our contract!
Also, we are KYCed by Pass Or Fail Me — official partner of Unicrypt. So if we decide to scam/ rug pull/ or anything bad, our personal information will be released by them!
Q7 from telegram username @sumione
What is solar finance tokenomics?and is it listed on coingecko and cmc ?
SolarFare Finance (Never DM FIRST — ASK FOR FUND): Yes, we already got listed on CoinGecko and CoinMarketcap within 24 hours from launch.
You can find us here:
Q8 from telegram username @Vadumondol
” During the 2020 I got scammed a few times, rugs, exit scams etc. — how can we investors be sure that this will not be similar, are your contracts public & somewhere to be seen???
SolarFare Finance (Never DM FIRST — ASK FOR FUND): Sad to hear this. Our smart contract is verified and publish on BSCscan, so you can feel free to DYOR! You can also check our GitHub as well!
Q9 from telegram username @beterror1
Does the Staking rewards product have an automated Composite balance or is it manual?
SolarFare Finance (Never DM FIRST — ASK FOR FUND): Sadly the staking reward is not compounded automatically. You need to claim your reward, buy $SLF on pcs and stake it! This is to help supporting $SLF price
Q10 from telegram username @meessilolz
how old is your project?Where is solarfare listed for buy or can you provide me contract address?
SolarFare Finance (Never DM FIRST — ASK FOR FUND): We are just 50 hours away from our launch! You can find us on Pancakeswap with this link: https://exchange.pancakeswap.finance/#/swap?outputCurrency=0x32089eaffaf278c82cda2c8d37e7b6b6fabbaaf2
P/s: our logo is already available on PCS, so verify this before you buy any token with the same name
Part 3 — Quiz Results
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.
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