AMA Recap: Gem Chasers & Multiplier Finance
Below is a full-recap of the AMA, for the gem chasers who couldn’t make it, or for anyone that’s interested. Feel free to have a read!
Telegram: https://t.me/GemChasers
Twitter: https://twitter.com/GemChaserz
🦊 Tails:
Ok welcome everyone to another AMA with Gem Chasers, today we have here with us Multiplier Finance, @multipliermarketing warm welcome to our community.
D.R.Dudley | Multiplier.finance::
Hello!
Glad to be here!
🦊 Tails:
We are glad to have you here :) Could you please first start by introducing yourself as an individual?
D.R.Dudley | Multiplier.finance:
Hello. My name is D.R. Dudley and I’m the marketing director of Multiplier Finance.
I’ve been with the team since we were a CeFi lender back in early 2019. I oversee the marketing operations and communications strategies for Multiplier Finance.
🦊 Tails:
Thanks for that, So your background and previous experience is also Marketing, correct?
D.R.Dudley | Multiplier.finance:
Yes, my background is in marketing and sales, and I was previously an arbitrage trader as well.
I’ve been dabbling in crypto for about 7 years now, so you can say that I have quite a well-rounded skillset.
🦊 Tails:
Well it’s good to know these things, as it is important to know if your qualified for the position you do at Multiplier Finance. Investors look out for these things, and it always starts at by looking at the core teams past experience. I can see from what you have told me that you are definitely qualified in this field.
So for the people who don’t know about Multiplier Finance, If you were to describe it to someone who had absolutely no idea about it, how would you describe it? What is the purpose of Multiplier Finance?
D.R.Dudley | Multiplier.finance:
Multiplier was established in early 2019 as a licensed CeFi-lender, collaborating with notable crypto firms such as Coinbase Custody and JUMIO.
We then transitioned into DeFi, officially launching Simplified Stable Bonds (SSB) on 9th September 2020, our first DeFi protocol, fully audited by CertiK. Currently there’s about 5.7 million TVL in SSB.
After SSB we’ve launched TakoSwap, an AMM DEX that previously reached about 3 million TVL.
This quarter we aim to launch our 3rd protocol called Multi-Chain Lend (MCL), an Aave-fork on Binance Smart Chain that supports flash loans. We are pretty excited for the launch as it will be a big milestone for us.
🦊 Tails:
Right, how about in a nutshell, how would you describe Multiplier Finance’s purpose in your own thoughts.
D.R.Dudley | Multiplier.finance:
We aim to be build dApps that will bring greater utility to the DeFi space.
Coming from CeFi, we are well aware of some of the constraints that Centralized Finance face, and we believe that DeFi is a rapidly growing sunrise industry.
We aim to solidify our presence in the space with our upcoming MCL launch coming soon this month!
🦊 Tails:
Thanks for further elaborating in your own thoughts. So $MXX comes from a CeFi background, is your team anon or public?
D.R.Dudley | Multiplier.finance:
the team is not anonymous, and our team profile can be viewed in our website: https://cefi.multiplier.finance/about-us
🦊 Tails:
It’s great to see people from a CeFi background come into DeFi and provide more to the industry. It’s even more of a bonus that your project has been around for a while now and that the core team is public. I’m going to be honest here now, sometimes being public doesn’t ensure security for the investors and traders. What are some things your team has implemented in order to provide a “rug proof” experience?
D.R.Dudley | Multiplier.finance:
That’s a good question.
Security for investors and traders are of utmost priority and we’ve implemented various measures where possible to ensure this is achieved.
I’ll do it in point form:
1) All our protocols have been audited by CertiK and Bramah Systems (who previously audited dYdX and mStable), and MCL will be fully audited as well.
2) Bramah Systems, a leading cybersecurity firm, is collaborating to build MCL.
3) We have recently attained CertiKShield for coverage of users’ crypto assets.
4) And we have also just implemented 4/7 Multi-Sig, renouncing the admin key.
🦊 Tails:
Thanks for being so transparent about a direct question. Yes I can see everything has been audited from well known auditing firms. I want to really dive into the 4/7 multi-sig soon, however before we do I want to ask about what will Bramah Systems bring to your MCL Platform ? What sort of security measures have will they implement?
D.R.Dudley | Multiplier.finance:
Bramah Systems is building MCL together with our team.
Who better to build an Aave-fork on Binance Smart Chain, than leading cybersecurity experts.
For more info on Bramah Systems, you may refer to their website.
🦊 Tails:
So this leads me to ask you this, do you think utilizing the BSC is the right route to take? I understand the benefits is faster transactions and cheaper gas fees, however is there any other benefits to this tech-wise?
D.R.Dudley | Multiplier.finance:
Yes, we believe that building a superior lending protocol on BSC is the best way we are able to give a meaningful impact to the DeFi space.
As it stands, we’ll be the first to have flash loans on BSC, and the faster transactions and cheaper gas fees will greatly benefit users who are accustomed to using Aave on Ethereum.
🦊 Tails:
Exactly, you’ll be the first to have a flash loans on BSC, it is definitely lucrative having faster transactions and cheaper gas fees when it comes to flash loans, as if the gas fees are to high then there is really no point sometimes in actually doing the flash loan. So this is a great advantage over $AAVE currently.
D.R.Dudley | Multiplier.finance:
That’s right!
🦊 Tails:
I want to dive into the 4/7 multi-sig update $MXX has just released. What is it? What does it mean for us, as in the people?
D.R.Dudley | Multiplier.finance:
Multisignature (multisig) refers to requiring multiple keys to authorize a transaction, rather than a single signature from one key.
This means increased security as ownership of the admin key does not belong to one single entity.
The 7 Multi-sig Key Holders are:
1. Multiplier CEO — Kim
2. Multiplier CTO — YewNan
3. Multiplier Community Leader — KNG3000
4. DEXTools CoFounder — Ferederic
5. Infinity Gainz Owner — Crypto94
6. CryptoMoonShots Owner — Blue Demise
7. Bitcoin Addict Owner — Rit
4 out of 7 co-signatories are required to approve the future minting or burning of MXX tokens.
This is an additional security feature on top of an already extensive list of security measures, including having CertiKShield coverage, CertiK audits, and Bramah Systems audits.
Multi-Sig Address: 0xFbab6b5deA06fd0291B1fD512cdD9569A6593B27
🦊 Tails:
I think this is great because some projects actually need the mint and burn function enabled. It doesn’t necessarily mean a bad thing, if used correctly it is actually super beneficial. And I can see that because you guys are aware of the stigma around burn/mint functions you decided to create a multi-sig function ensuring that you won’t be able to do any of it without it being approved. So it means 4 out of the 7 people listed on there will have to approve any future minting or burning of $MXX tokens?
There is only 3 Co-Signatories from the core team of $MXX, so 3/7 will not be enough?
D.R.Dudley | Multiplier.finance:
Yes, that’s exactly correct. 4 out of 7 approvals are required to mint or burn future $MXX tokens.
3 will not be enough.
🦊 Tails:
What about removing or changing any co-signatories, is this possible?
Or you can only add to it?
D.R.Dudley | Multiplier.finance:
To make changes to the Multi-Sig would also require 4 out of 7 approvals.
🦊 Tails:
That’s perfect then, it is a full proof system to ensure the team can not make any decisions regarding burn/mint by themselves. It is a layer of security. Ok I think we have covered a lot about security wise regarding $MXX. I honestly do not see any security issues with Multiplier Finance, if anything you are continuously working on assuring people you are here to stay.
So we can place $AAVE as your competitor, since this is a fork of that. Why should we use $MXX do we get greater incentives? What else can we do with $MXX besides trading it and doing flash loans.
D.R.Dudley | Multiplier.finance:
We don’t necessarily view Aave as a competitor, as we will be on different blockchains.
Very soon, MXX (ERC-20) can be converted to bMXX (BEP-20) on our platform in the ratio of 100:1.
Users with bMXX will be able to stake in the governance pool, and earn a shared 20% of MCL platform revenue (loan origination fees and flash loans) in the native tokens (i.e BUSD, BNB)
Users who stake will also have the right to govern the protocol and will earn a share of bMXX as well.
Summary
https://mcl-docs.multiplier.finance/multi-chain-lend/lite-paper/summary
Here’s more details on the differences between MCL and Aave.
🦊 Tails:
Alright great, thanks for that.
So where is TakoSwap at now? In terms of updates
D.R.Dudley | Multiplier.finance:
TakoSwap was an AMM DEX, the second protocol that Multiplier launched.
Users may use their TAKO in our Simplified Stable Bonds (SSB) platform to mint MXX.
It is part of our distribution stage, whereby we distribute tokens to grow a vibrant community.
The next stage is the utilization stage of which we build utility for our tokens, this is where Multi-Chain Lend comes in.
Users will be able to use their bMXX to earn a share of platform revenue.
🦊 Tails:
So I can see that Multiplier Finance has created an ecosystem here. The next steps is the BSC launch, and it is a huge milestone as you said, definitely agree. But your project is continuously developing. And you also have governance right, so can users vote for things to happen via governance? For example to vote for something to get added in the Multiplier Finance ecosystem?
D.R.Dudley | Multiplier.finance:
Yes, we are building the governance platform as we speak.
Users will be able to make proposals on changes to the protocols and be able to vote on them.
Do look forward to that development as it will mean that our community will have a greater voice.
More updates on the governance platform will be released in tandem with our MCL launch!
🦊 Tails:
I think this is another huge milestone, and you are allowing #DeFi to express itself in the terms of being decentralised. Your project is putting in a lot of trust to the people for the people.
So usually we as in investors and traders, have concerns with project teams to see and measure the legitimacy of the project, and as mention your team has gone to superior measures, above and beyond really to ensure that everything is safe and secure with $MXX
D.R.Dudley | Multiplier.finance:
Haha, that’s right! Thank you for that!
🦊 Tails:
Does $MXX have any concerns about the community? Or anyone that will use $MXX for ulterior motives? For example will there be any preventions for flash loan attacks? Have you thought of doing any bug bounty’s in the future ? Since the power is really in the hands of the community. Us DeFi people.
D.R.Dudley | Multiplier.finance:
MCL will first launch as an Internal Beta to selected community members, followed by a Public Beta of which we intend to give out Bug Bounties to help test the platform.
We will then open up for an external audit with top cyber security firms before we launch MainNet.
In terms of flash loan attacks, as an Aave-fork we have similar security measures in place.
Also, as mentioned, leading cybersecurity experts — Bramah Systems will be further ensuring that MCL is as secure as possible.
Not to mention another final audit, as well as CertiKShield.
🦊 Tails:
Continuously getting external audits is definitely reassuring. Ok so how about price. Will there be any further developments regarding the price per token once on BSC to hold value or even be seen as an investment, for investors to buy a bag and hodl it? This could be incentives or creating a buying pressure strategy etc..
D.R.Dudley | Multiplier.finance:
Haha, as a core team member, I would like to refrain from token price discussions.
🦊 Tails:
Understood!
D.R.Dudley | Multiplier.finance:
Our focus as a team is on building better protocols for our community.
🦊 Tails:
It is fair enough for a core team member not to engage with price discussions, however I’m sure you aware a lot of us do want to talk about it, do you have a Telegram or Discord group that price discussions/trading can be further discussed about? If not will you be willing to do this if there is enough interest?
D.R.Dudley | Multiplier.finance:
Join the Multiplier Discord Server!
We have a channel #price-talk in our discord, https://discord.gg/GJ2mCXVHSK.
🦊 Tails:
Perfect!
D.R.Dudley | Multiplier.finance:
Our community leader KNG3000 regularly publishes price updates and has price discussions there.
🦊 Tails:
Ok thanks for that, it will be useful for those who want price updates etc.
So I’d like to now move on to the final part of the AMA, our community questions section. We have preselected 5 questions for you to answer. Are you ready? :)
D.R.Dudley | Multiplier.finance:
Okay!
I hope we get good questions today!
🦊 Tails:
@sircryptonite asks, Recently, another project that did token migration (HEX2T to AXN) suffered a major blow because of a potential inside job. Will Certik cover this risk?
(I think he is asking about the security/ or if there is any kind of cover insurance lol)
D.R.Dudley | Multiplier.finance:
CertiKShield covers hacks of smart contracts, it doesn’t cover “inside job”.
With that said, our protocol is open-sourced and fully verifiable by anyone.
We implemented Multi-Sig as there was a mention of our codes being exploitable (even if it was ourselves).
With Multi-Sig, it significantly decreases the chances of internal manipulation.
We also have several mechanisms that aim to reduce the overall attack surface.
🦊 Tails:
@starshades007 asks, How can Multiplier incentivize market liquidity? Does Multiplier have an internal market maker to ensure continued liquidity? What if people are interested in providing liquidity to Multiplier?
D.R.Dudley | Multiplier.finance:
Multiplier does not have an internal market maker as it would result in a conflict of interest.
We engage third party market makers to ensure liquid and orderly markets on our centralised markets.
However, what we have seen is that most of our users prefer to trade on decentralised exchanges, and that’s where most of our volumes are coming from.
We do not have any liquidity mining programmes at the moment, as we are almost done with our distribution phase.
Moving forward, we would be thrilled if users who understand the intricacies of liquidity provision, add liquidity to our DEX pools.
Btw we’re on Uniswap and Bilaxy, for anyone wondering. 😁
🦊 Tails:
@alice_wonderland12 asks, Would you explain us what Simplified Stable Bonds (SSB) is? And how its design is different to what we have seen in DeFi?
D.R.Dudley | Multiplier.finance:
Multiplier DeFi (Beta Release) Targets Tokenized Bonds | Press release Bitcoin News
Bitcoin Press Release: Following a successful audit, Multiplier protocol announces its beta release, as it looks to roll out simplified stable bonds. Multiplier DeFi protocol has successfully completed a full audit by leading blockchain-based form verifier, and cyber security expert Certik.
SSB currently gives up to 250% APY in Stable Yield.
One key difference is that the yield is stable. Unlike most protocols whereby the APY is fluctuating daily, our yield is fixed for the duration of the contract.
Other key features is that it requires less gas fees and there is no risk of liquidation. No liquidation risk means that even if token prices change drastically, you’re collateral will not be liquidated.
This article may help, although we’ve restructured our SSB contracts in alignment with our upcoming MCL launch.
🦊 Tails:
@James9991 asks, As we know, every serious project always have their own roadmap. Could you please explain Multiplier roadmap and also what phase is currently ongoing?
D.R.Dudley | Multiplier.finance:
Multiplier Q4 Goals
Multiplier heeded the advice from our recent Grand Launch AMA, and shortlisted these 3 things which we hope to accomplish in Q4.
Our first 2 protocols were part of our distribution phase, whereby tokens were distributed to grow a vibrant community.
With the MCL launch, we will begin the next phase, what we refer to as the utility phase.
Our focus is on bringing utility to our token in the form of MCL platform fees.
Here are our Q4 goals:
https://medium.com/@multiplierfinance/multiplier-q4-goals-2a8f7dea2ff8
As you can see, MCL will be launched very shortly so stay tuned!
🦊 Tails:
@higgomiggoo asks, In Q4 2020, Multiplier is committed to launching the Multi-Chain Lend (MCL). What is your goal in building a Multi-Chain (Lend)? Can you explain the main differences between Multi-Chain (Lend) and Aave?
D.R.Dudley | Multiplier.finance:
We will be introducing an Aave-fork on Binance Smart Chain, we believe this will bring a meaningful impact to the DeFi space.
Multi-Chain Lend (MCL) is an algorithmic money market system designed to bring secure and unique lending and borrowing opportunities like flash loans onto the Binance Smart Chain.
The protocol designs are architected and forked based on Aave with revenue sharing components for liquidity providers and token holders that govern the protocol.
bMXX, a BSC token, will be the governance token of Multi-Chain Lend (MCL).
Our platform fees, flash loan fees, liquidation fees, and incentives are slightly different from Aave.
For a detailed view of the differences between MCL and Aave, you may refer to this link in our litepaper:
https://mcl-docs.multiplier.finance/multi-chain-lend/lite-paper/summary
🦊 Tails:
Ok well this concludes our AMA, thank you for answering all my questions and some of the community members questions. On behalf of @gemchasers we really would like to thank you for dedicating your time to us here today. I personally would like to just add there that you have an amazing team, we support you all the way. And thank you for being with us once again.
I hope our community has gained the extensive insight on what was provided today. It’s SAFU to say $MXX is definitely a great option!
D.R.Dudley | Multiplier.finance:
Thank you for having me! Glad to be here.
One last mention before I go, MCL will be launching soon before the end of this month, if you missed Aave, you won’t want to miss MCL on BSC!
Join @themultiplierio for updates on our progress. Thank you Gem Chasers community!
🦊 Tails:
Agreed, I know I won’t be missing out, already secured my bag …
