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AMA with zzz.finance (ZZZ) | Transcript

We had a joint Telegram AMA on Thursday, October 29th, and it went great!

The session featured the 15 most interesting questions from our users. They were answered by Andrew Kovalenko, the Head of Project Relations at WhiteBIT, and the representatives of the ZZZ team, Hamza Al-Shaami and poptard.

The transcript of the questions is provided below.

Q: Would you agree that adoption and utility are the key factors to the project’s survival and success? What’s being done to drive global adoption of ZZZ amidst crypto regulations, legislation, and competition?

ZZZ: Yes, I agree that driving adoption to our ecosystem is a priority, and we are formulating new and innovative ways to drive that adoption for long-term holding. I’m not really familiar with the legislative and regulative sides of crypto, but I can tell you how we are going to drive adoption.

What will help is the new vaults we are currently working on. Once they are ready, we will no longer be a rewarding global boost to those who don’t fuel the projects’ long-term sustainability and growth by time-locking ZZZ into the vault once it’s released.

Our ZZZ vaults will have time locks: the longer you lock crypto, the more boost you will get.

For example, the ZZZ locked in a vault for:

  • 15 days will generate a 5% global boost (a lower APY from the vault);
  • 1 month — a 10% global boost (a medium APY from the vault);
  • 2 months — a 25% global boost (a faster APY from the vault);
  • 3 months — a 50% global boost (the fastest APY from the vault).

The vault is also replacing the old global multiplier system for the new global multiplier state above.

The ZZZ vault will be fueled from the buy and sell fees from Uniswap that will continue to feed the vaults indefinitely.

We are incorporating CORE vaults into our ecosystem with much more functionality. When these are ready, our ecosystem will be a new kind of beast to innovate upon.

Q: What are your further plans for collaboration with ZZZ? Are you discussing them with the team?

WB: Yeah, we’re still in discussion with @Hamza_alshaami and poptard about our further plans. This AMA is supposed to be the first step in a range of marketing activities planned for the next couple of weeks. The next thing to look forward to will probably be the appearance of a new shiny ZZZ banner on our main page early next week.

You can also expect social media activities like quizzes, contests, and price oracles, but there’s no final confirmed roadmap yet. We’ll be keeping you informed about the next upcoming events.

Right now, you can just go ahead and try your hand at trading ZZZ!

Q: Your website says: «Owning $ZZZ enables your voice to be heard regarding the future of the project by enabling you to vote on and initiate proposals for the protocol. Proposal initiation and voting will be available in the near future using a snapshotting system. A gas-relayer system where users pay no fees is coming later». I would love to hear more about it and find out how you are planning to implement this function.

ZZZ: We already have snapshot governance in place; it just needs a few tweaks to introduce the possibility of proposing by spending our secondary token NAP.

In regular voting, one ZZZ equals 2000 NAP, and 1 NAP equals 1 NAP. The total equals 60M possible voting points since the fixed supply of ZZZ is 20,000, and that of NAP is 20M.

Snapshot governance is different from a regular model in a way that regular governance voting requires you to send transactions that cost gas fees to vote. In a snapshot governance model, the system takes a snapshot of your balance in the Ethereum block specified for the voting, and you’ll just send a signed message that is gas-free to vote.

As for totally gasless voting, Gas Station Networks act as a middleman between a user (voter in this case) and the main service (governance contract). Users send signed messages (not transactions), which are gas-free, and the GSN sends the actual transaction to the main service.

The idea is that we fill the GSN with ETH to supply transactions. But for now, we are halting that implementation due to more important issues, and because our snapshot governance is a few tweaks away from being fully functional.

Q: The name of your token is quite interesting. Could you tell me more about how you come up with an idea for this name and what it means for your ecosystem and community? The first thing coming up to my mind is related to sleeping/napping.

ZZZ: The original developer of the project had a vision that people should have the possibility to earn money while they sleep. It has become possible through our novel pool products and hence is the reference towards ZZZ and NAP.

While that’s true for regular community users, we, the community team, work on this product day and night.

Q: When can we see new updates for Margin Trading?

WB: Very soon: by the end of 2020, you will most likely meet the following updates:

- new leverages: x3 and x10

- new assets & pairs: LTC, BCH, ETH, and Turkish Lyra!

- a brand new order type: Trigger orders.

We’re working hard on delivering that to you as soon as possible, and no pandemic is going to stop us!

Q: What’s your strategy behind introducing 3 different tokens: $ZZZ, $NAP, and $DREAM for the zzz.finance ecosystem? Does each of the tokens have their own different use cases?

ZZZ: Having originated from the base DeFi industry idea of yield-farming tokens, we originally only had ZZZ, the governance token, as a reward from the pools. While this is a fine start for a project, the ecosystem requires further utility.

Thus, we innovated our spendable NAP token to increase users’ yield on our basic product, farming pools. Now we can circulate tokens back to us while users benefit from their yields.

DREAM was originally designed as an aggressive yield farming token and a layer of the ecosystem to leverage similar concepts. However, now we are developing gamification on DREAM, as well as designing an aggressive burning vault that we call a “dream eater”. So stay tuned!

The tokenomics of our ecosystem is as follows, with the admin and minter keys burnt:

  • ZZZ — 20,000 MAX supply;
  • NAP — 20,000,000 MAX supply;
  • DREAM — Dynamic supply with an aggressive mint and an incoming aggressive burn.

Q: How big is your team? Are you working in an office or from home during these trying times?

WB: We’re just over 100 people now, most of whom are developers. Currently, we’re working from our office. It’s been pretty tough with coronavirus in Ukraine (where the majority of the team, including myself, is based). We take everyone’s health very seriously: daily temperature checks, hand sanitizers, sometimes even face masks. Besides, you’re not allowed to come to the office with a fever. We hope all of it will be over soon.

Q: Could you please, briefly explain the top milestones ZZZ aims to execute before the end of 2020? Would you share your plan for 2021 to motivate us to research more on your platform?

ZZZ: Most of the milestones, such as the upcoming vaults and changes to our yield-farming boost mechanics, have already been discussed. The achievements we have made this year include our audit with CertiK.io, governance provision, pools maintenance, and new partnerships.

As DeFi is a fast-moving space and we are a community project, it’s difficult to clarify the milestones for 2021, with most of them yet to be proposed and decided by governance voting.

Q: DeFi is very popular, so lots of phishing projects are appearing. With DeFi in mind, what real-life problems you want to solve, what new solutions and improvements are you bringing to us?

ZZZ: We work in the crypto-space, and we are a collaborative protocol. Thus, we are helping products to leverage our community and services. For example, at the moment, we can offer our partners a pool on our site with information about their use-case.

In the future, we will offer token/liquidity-locking vaults to help them achieve their project goals, increase their liquidity, and get cross-promotion.

Q: Are there any plans concerning staking $ZZZ following its listing? What can we expect from zzz.finance in this regard?

ZZZ: This is a great question! As mentioned earlier, we are overhauling our ZZZ global multiplier system to only work with our new ZZZ Vault. On top of that, we are building a ZZZ/ETH LP Vault that permanently locks LP tokens, creating a rising price floor for the ecosystem as a whole.

Coupled with our ZZZ Timelock Vault and our new innovative DREAM Eater Vault, our platform will be at the forefront of innovation and mechanic design in the yield farming space.

We are also in the process of innovating a collateral vault with our ecosystem tokens that will grant the user an equal amount of tokens deposited. The time-locking and burning mechanism for the token received will generate interest for depositors. Moreover, it will provide additional staking opportunities for those who don’t have the funds to hold that many tokens.

Q: There are numerous DeFi projects available in the market, similar to zzz.finance. Could you please, enumerate your main competitive advantages? What additional benefits and features does zzz.finance offer?

ZZZ: With governance being alive at any moment, we are shifting to a community-focused and community-run platform. Its participants will have a chance to voice their ideas and be heard by not only the team but a larger community. Moreover, token holders will be able to vote on and drive powerful ideas forward. Our advantages are our community model, dedicated community, decentralized protocol, and our upcoming innovations upon vaults and locks. Besides, we have perfected the aggressive mint with an aggressive burn. That’s where the ‘dream eater’ comes into play. More on that will be announced in the future.

Also, we are offering our platform for partners to leverage our products and community. ZZZ being a governance token, we have increased its utility to actually have utility within the ecosystem as a whole, unlike most other governance tokens that are used for voting only.

Q: Security is really important and valued by users. Would you mention ZZZ security measures? What is so special about your security? Are you audited? Could you tell me honestly about the weaknesses of your project?

ZZZ: We have spent a substantial amount of money on professional ecosystem audits of our main staking contract infrastructure with CertiK and passed the final report with no critical/major issues. We will provide links for info on that later.

Speaking about the cons, here’s the list:

1. Initially, we lacked development power; however, now that the project has been transitioned to the community, we do have a lot more workforce in each project department. That said, we have been able to recruit new developers and contributors from the inside community and externally and provide them with compensation and bounties for their work.

2. We don’t have large financial backing, so this project is fully self-funded. We have limited funds to promote development. However, volunteers, passion, and effort help our community grow.

Q: What is the biggest challenge you’re currently facing in terms of becoming a successful project or company?

ZZZ: The biggest challenges are the pace of the space and our resources that are limited mostly to volunteer work. Nevertheless, we have been able to generate enough revenue to pay for extra developers and contributors.

For instance, I work as a full-time developer and dedicate my whole free time to this project just because I’m keen on it.

Speaking about the protocol, the challenge is to keep innovating and fleshing out services already implemented by others but with our own twist and creating new ones.

Q: Have you got any recent partnerships? How are they going to contribute to the project?

ZZZ: We offer our partners a few options to choose from. Usually, they are new projects offering their tokens as a reward for a pool we implement that accepts their liquidity tokens as a reward. It increases their liquidity since people need to get the token to be able to stake in the pool.

Additionally, we usually require their tokens as an output for a pool that has our token as an input. Therefore, our users benefit from such partnerships. Also, these pools feature our spendable boost mechanics with NAP to the benefit of our ecosystem partners who get exposure and liquidity. At the moment, we have a lot of interesting partnerships on the table.

Q: Why develop the zzz.finance project on the ERC-20 blockchain if it’s known to have various problems and also consumes high amounts of gas? Why not use the TRX blockchain and thus be equally DeFi?

ZZZ: As for TRX, it’s really an interesting platform in terms of fees. Ethereum might be able to scale with their V2. However, an even more interesting option is the Polkadot/Kusama protocol, able to implement EVM smart contracts on their parachains supporting them. Besides, they include Rust derivate Ink! as a smart contract language, which is quite interesting indeed.

Thanks for your questions and get ready for more AMAs coming!

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