AMA Recap: Gem Chasers & Volts 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
Gem Radar ✪:
Okay @gemchasers welcome to another AMA series and today we have with us Volts Finance. Welcome @volts_alex @volts_erica 🙂
Erica Wei:
Hello thanks for having us!
Alex:
Hello, thanks for inviting us!
Gem Radar ✪:
No problem 🙂 Before we talk about your project, could we get some brief introductions of both your past experience with crypto and what lead you to making a DeFi oriented project?
Alex:
Sure thing. I am in the crypto space for 4 years now, worked with and for several other projects and ended up creating my own ones (with Erica) as a lot of projects i worked with were not like i liked them to be. So here we are with volts.finance :)
Erica Wei:
I’ve been on and off with crypto since 2017 like I’m sure a lot of people here 😅 We decided to create volts.finance because we saw a distinct lack of honest genuine projects in the space. In all honesty we were tired of the rugs and scams and wanted to create a solid community driven project that people could have faith in.
Alex:
That means we coded the entire website and all smart contracts etc by ourself without any outsourcing trustless third parties.
Gem Radar ✪:
Impressive. Is it known to the public of which past projects you have worked on?
Alex:
No it’s not as the founders turned into … not good persons and so I don’t like to give them any reputation tbh.
Gem Radar ✪:
That seems fair enough, understood.
So what have you guys done to provide trust to the community with your project, since it is an anon team?
Erica Wei:
For starters, you can never be sure with an anon project and I urge everyone to always do their due diligence before choosing to jump in. In our case we believe our actions speak louder than words, we have released 3 projects now in the volts.finance ecosystem and have never let our stakeholders down. Furthermore, we have had our contracts audited by Vidarr, a link to the audit can be found on our website.
Gem Radar ✪:
Okay great! So let’s dive into the ecosystem. In a nutshell what is Volts Finance? What is the purpose for it and how can users benefit from your ecosystem?
Erica Wei:
So we are a yield farming ecosystem. We offer 2 farmable tokens VOLTS and OHMS, the latter having just recently been launched. What differentiates us from all the other farms is the fact we focus on building unique products of value. For example, with OHMS we have completely redesigned the standard staking contracts so that RFI style transfer fees can be earned while staked in our contracts, and those fees can themselves be used to earn rewards. This allows for users to compound yield and earn much higher dividends than possible prior.
Furthermore, we believe in substance before the hype. But now that everything has been proven to work perfectly we’re ready to get the word out and in the right way…which is why we’re so happy to be starting with the Gemchaserz group!
Gem Radar ✪:
Ok Love it 🙂 Yes I definitely see a real potential here especially for $OHMS. It really seems like these prices are just too good to be true lol. So you have a fully working product, been audited by Vidar which is known in the crypto community, you offer incentives and have innovated some cool tech. Current prices of the coins seem to have dipped, what’s the plan now? Any marketing road map? Any upcoming developments/partnerships/updates? Is it okay if we explore these fields?
Erica Wei:
Sure thing. First, however, I would just like to give a quick run down of the tokens in our ecosystem for anyone unaware if you don’t mind.
Gem Radar ✪:
for sure!
Erica Wei:
VOLTS is pseudo deflationary as its bond to the relation of burning and minting. The less transfers it gets the more inflationary it will be. The more transfers it gets the more deflationary it will be.
OHMS is fully deflationary and there is no way to ever mint more tokens than 2500. In addition to that OHMS has a black hole (burn address) which gets fees as well so by the time it will act as a organic burn. Therefore the possibilities for the token is endless (as its not bind to any contract like VOLTS is to its farming contract)!
And just so you are all aware, after the 4 weeks+ of farming OHMS we have endless possibilities to proceed with the project, which comes back to your earlier question!
Gem Radar ✪:
So let’s focus on $OHMS ?
Erica Wei:
Sure!
Gem Radar ✪:
For the people who don’t know about $OHMS. What are some of the endless possibilities we are talking about?
Personally I own some $OHMS and I like the fact that it is a supply low supply coin with deflationary mechanisms, so this could just break an ATH so easily haha.
Erica Wei:
So just as an example, we have discussed adding a seignorage base algorithmic stable coin to the ecosystem and in that case OHMS would act as a governance token for the protocol. Really there are a lot of things we can do with the ecosystem and project as a whole, very exciting times to have a strong community base who are wholly invested!
Gem Radar ✪:
definitely I see the algorithmic stable coin being a trend currently and I’d like to refer this to Basis Cash and another project that has just launched Mith Cash, and in under 24 hours they have already done a $1B TVL 🍪
Erica Wei:
Definitely, then once you have a governance token in place you can run all ideas through the community and draw from the brilliant people we have there too. So this is certainly one of the discussion we are having right now. To be honest, we are lucky because we actually build so there are no limits!
Gem Radar ✪:
so this would definitely be a great addition to the Volts Finance Ecosystem!!
So you are telling us that you have a working ecosystem, and have already launched products. But this is just the beginning?
Erica Wei:
Exactly! 😎
Gem Radar ✪:
Aaaaaand this is why i love AMA’s lol, okay now I am getting excited because this is your first AMA for Volts as well.
What about any partnerships? are you guys exploring any partnerships?
Anything you can reveal to the community?
Erica Wei:
That’s right up until this point we have solely been focused on building but now we want to have a push get volts.finance out there!
Gem Radar ✪:
Well sometimes you have to show case your build 😄
Erica Wei:
We are currently in discussions with some very interesting projects for partnerships, which bring would bring real value to both parties. However, we have to be tight lipped until everything is finalised 😉
Gem Radar ✪:
Alright awesome, and what is it related too? product? utility? more pairings?
Erica Wei:
Yes it would encompass all three, additional pairings and utility first and foremost.
Gem Radar ✪:
Perfect! Definitely sounds interesting. And you are also exploring of potentially launching a new token or tokens into the ecosystem correct?
Erica Wei:
So with OHMS we implemented an RFI style fee but we improved upon it. So we’re looking at problems people have had with other projects perhaps — like inflationary tokens, and solving them with Volts and OHMS. And now we’re looking at other issues, for example, high fees or slow processing — maybe that’s something we can tackle? Alex and I definitely have ideas!
Gem Radar ✪:
Sounds interesting. Ok so if you were to launch something new into the ecosystem, will there be a benefit for holders of $VOLTS & $OHMS
Erica Wei:
Indeed there are a lot of ways to incentivise holding for our current tokens. Governance as discussed would be one of them, but again we have the option of getting creative like airdropping current holders or even making OHMS and VOLTS an essential part of the protocol. Endless possibilities really!
Gem Radar ✪:
Exciting times really. So I guess we would have to just wait and see what you and Alex builds next and how you integrate it into Volts Finance.
What does excite me though is if you do decide to provide benefits for current holders, this creates a significant amount of buying pressure. So it’s good to see you are thinking of this. Have you thought of anything to reduce the selling pressure though?
Erica Wei:
Yes! One of the options have explored is taking a %, think of it as a tax on the sale of the new token, and distributing it pro-rata amongst all top holders. This incentivises holding and creates a competitive environment with everyone vying for those top spots!
Also the funny thing is, the inbuilt protocols for both Volts (a burn on transfers) and OHMS (a 3% fee) already alleviate selling pressure. Now that it’s working we’ll get the word out, people will hopefully see the value of the deflationary protocols, see the impressively high APY and realise the potential once they come join us
Gem Radar ✪:
It really seems like right now would be the perfect time to farm $VOLTS and earn some $OHMS. Both are ridiculously cheap right now
And I can see that Q1 2021 is going to be a blast for you guys
So what about in terms of marketing? Is there a current roadmap for marketing in place that will get rolled out with these future developments? Starting here with an AMA is definitely good and beneficial as it is always appreciated to see the devs or founders get involved and disect the project to the communities. But will there be other strategies in place for the near future in terms of marketing Volts Finance’s ecosystem even further?
Erica Wei:
Yes, while our farms our active and keeping everyone happy we can really make a concerted effort to have a marketing push and get the word out there about OHMS and VOLTS. We been in the shadows for too long 😁
Gem Radar ✪:
BRB
loading up my bags
Erica Wei:
:)
Gem Radar ✪:
So just to pretty much summarize everything. We will see major developments in Q1 2021 along side with an immediate push in marketing to get the word out even further with Volts Finance? Correct 🙂
Gem Radar ✪:
Okay great haha, so we have pre selected three community questions that we would like you to answer 🙂
Erica Wei:
Sounds great :)
Gem Radar ✪:
@BullrunPeach asks, OHMS have fixed amount — 2500, and that is farmed in about 3–4 weeks from now as i understand it.
My question is: What function will the 2 coins have after all 2500 OHMS coins are farmed ?
Erica Wei:
So VOLTS farming will continue to take place as long as the ethereum blockchain is in operation 😁 When OHMS farming is over an immediate thing that can be done is add an OHMS pair to the VOLTS farms, meaning you will always be able to have utility for you tokens. However, as previously mentioned there are more interesting things we can do like allowing for a governance based model with OHMS at the centerpiece!
Gem Radar ✪:
@ALAMSP asks, Do the token holders have the right to participate in the governance of Volt.Finance project? What kind of decisions can they vote on about the project?
Erica Wei:
What we have historically voted on have been the block reward rate, the burn rate and any farming pairs we choose to add. Although there is definitely scope for expanding this.
Gem Radar ✪:
@PenghasilUang999 asks, Why volts.finance network choose ERC-20 chain ? Having networks with a lower fee in transactions such as bep2, trc-20. What benefits does ERC-20 have that the others don’t?
Erica Wei:
…thing for us :)
Gem Radar ✪:
Alright Erica, thank you for answering those questions it is greatly appreciated 🙂 And I’d like to thank @volts_alex for swinging by as well. This concludes our AMA but i’d definitely like to do a follow-up with you guys when you expand the ecosystem. Some great information and updates today. Thanks for dedicating your time to answer all the questions we had today. You have my personal support as well as the @gemchasers group and we are excited to see you and Alex continue buidl’ing new tech!
Erica Wei:
Great, thank you very much for hosting us we really appreciate it!
Alex:
Thanks to you for inviting us :)
Gem Radar ✪:
No problem! Welcome any time 🙂
