Ask Me Anything with Multiplier Finance at ICO Speaks: Summary
November 28th — Multiplier Finance held an Ask Me Anything session at ICO Speaks telegram chat. From the Multiplier Finance side, there was the D.R.Dudley |Marketing Director at Multiplier.finance
D.R.Dudley |Marketing Director at Multiplier.finance :
Hello. My name is Dudley. I am the Marketing Director of Multiplier Finance.
I was formerly in arbitraging and have been involved in crypto for many years. Today I’m here to talk about Multiplier Finance as well as our upcoming DeFi protocol, Multi-Chain Lend.
_______________________ Let’s get started!__________________________
Q: Can you tell us more about yourself and Multiplier?
A: 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.
Q: What is Multi-Chain Lend (MCL)?
A: MCL is a lending protocol, similar to Aave (because it’s a fork), with slight adjustments as we give higher incentives.
Another big difference is that MCL is on Binance Smart Chain. Even though Ethereum is still the most commonly used platform for dApps, we chose BSC for the lower gas fees and quicker transactions, which could serve as a hotbed for flash loans.
MCL is built through a joint collaboration with Bramah Systems, a leading cybersecurity auditor.
As it stands, Multi-Chain (Lend) will be the first to launch Flash Loans on Binance Smart Chain.
Here’s a medium article with more details: https://multiplierfinance.medium.com/multi-chain-lend-by-multiplier-bramah-systems-bringing-flash-loans-to-binance-smart-chain-f9f780e7a584.
Q: I understand that SSB uses ERC-20 token MXX, while MCL uses BEP-20 token bMXX, how does that work?
A: SSB is part of our distribution phase, whereby we’ve allocated 900 million MXX tokens to grow a vibrant community (kind of like airdrops). Which is still ongoing so you guys should join!
As long as you add liquidity into SSB, you will receive stable yield. However, the collateral you deposit is merely kept in smart contracts and not utilized.
MCL is the next utility phase, a lending protocol whereby users who stake will receive 20% of platform revenue.
This is the stage in which we focus on increasing the utility of our tokens.
There will be a 100:1 conversion of MXX to bMXX, which will be made available together with the MCL launch.
Q: Why should we anticipate the bMXX token and the launch of MCL?
A: The underlying native token for the Multi-Chain Lend platform is bMXX.
bMXX is a governance token (which can be converted from MXX tokens).
Users who stake their bMXX tokens in the governance pool will;
- Right to govern the protocol
- Earn a share of platform revenue in the various tokens (i.e BUSD, BNB)
- Mint bMXX
I think that the launch of MCL is pretty exciting.
Firstly, it’s an Aave-fork on a different chain. If you’ve missed out on Aave and Lend, you wouldn’t want to miss our launch.
Secondly, you don’t hear much about flash loans on other blockchains.
Q: Can you tell us more about some community reward programs you have?
A: We have a variety of reward programs, there’s
1) Multi-Minionaire
2) Community Leadership Initiative
3) Raindrops in our Discord channel
4) Upcoming Christmas Giveaway
Multi-Minionaire is a Discord-based mini-game (https://discord.gg/cA3bsPX) that rewards community participants for learning about and sharing Multiplier’s upcoming launch on Binance Smart Chain, Multi-Chain (Lend).
All you need to do is complete 5 missions that can be found in our discord channel, and receive 10 bMXX or 1000 MXX tokens. It’s not a lucky draw, it’s a guaranteed reward for all users who participate.
As for our Community Leadership Initiative, it is aimed towards recruiting individuals who are able to grow the community exponentially together with us.
Applicants who are interested in community management and marketing are encouraged to apply. Significant crypto followers is highly advantageous!
Please email marketing@multiplier.finance with the relevant information and we will contact you if you are shortlisted.
Other reward programs include the raindrop channel in our discord, and an upcoming Christmas promotion as well.
Q: What’s the future roadmap for Multiplier?
A: Multiplier is focused on 3 things in December Q4 2020,
- i) Launching MCL lending protocol in Binance Smart Chain with flash loan support
- ii) Listing on major exchanges
iii) Engage more Community Leaders, grow our community numbers
https://medium.com/@multiplierfinance/multiplier-q4-goals-2a8f7dea2ff8
We’re in a unique transition for Multiplier, and I believe we’re doing unique and great things that are beneficial for the Decentralized Finance segment.
I hope that I’ve managed to convince you guys on our upcoming MCL protocol, and if you have any questions, feel free to ask us in our community platforms.
We have many friendly admins and community leaders!
Q:Trust and security is very important in any business, what makes investors, customer, and users safe secure when working with your project?
A: Safety and Security are always our top priority. What I can say is that no platform can be considered entirely risk free.
However, we take every possible step required to minimize the risk as much as possible by keeping the protocol code public and open source, while engaging reputable external auditors to audit our protocols.
Additionally, we have also partnered with Bramah Systems (https://bramah.systems), who previously audited prominent firms such as dYdX and mStable, and is led by managing partners Jonathan A. Haas, and Benjamin A. Small, PhD, are in a joint collaboration to build a DeFi lending protocol — Multi-Chain (Lend) on the Binance Smart Chain.
Please see our post on https://medium.com/@multiplierfinance/multi-chain-lend-by-multiplier-bramah-systems-bringing-flash-loans-to-binance-smart-chain-f9f780e7a584\
Last but not least, We will also be planning bug bounty programs during our testnet so to ensure we reduce the risk to its minimum.
Q: What are the killer features of Your Project ? ? What is the vision and goals Your project wants to achieve in 2020?
A: Multiplier Finance has launched our “Distribution phase” of our project with the SSB (Simplified Stable Bonds). The purpose is to build a vibrant community. In SSB, our killer feature is Stable Yield and security. Our smart contracts are fully audited by Certik. Our SSB is able to provide a stable yield, which is not common in the other yield farming platforms.
Come 2021, we will be focusing on building up the TVL for Multi-Chain Lend on Binance Smart Chain. Our mission is to be the defacto, the top lending platform on BSC, with a unique focus on flash loans.
Q: I read that there are two tokens within the Multiplier ecosystem called bMXX and MXX. What are the use cases for each of them and how do they differ?
A: SSB is part of our distribution phase, whereby we’ve allocated 900 million MXX tokens to grow a vibrant community (kind of like airdrops). Which is still ongoing so you guys should join!
As long as you add liquidity into SSB, you will receive stable yield. However, the collateral you deposit is merely kept in smart contracts and not utilized.
MCL is the next utility phase, a lending protocol whereby users who stake will receive 20% of revenue (loan origination and flash loan fees).
This is the stage in which we focus on increasing the utility of our tokens. There will be a 100:1 conversion of MXX to bMXX, which will be made available together with the MCL launch.
In a way, MXX is part of the distribution phase, and bMXX is part of the utility phase.
Users who stake their bMXX tons in the governance pool will;
- Right to govern the protocol
- Earn a share of platform revenue (20%) in the various tokens (i.e BUSD, BNB)
- Mint additional bMXX
Q: Can you tell us more about Multi-Minionaire? What is the reason for Multi-Minionaire?
A: Multi-Minionaire, a Discord-based mini-game (https://discord.gg/cA3bsPX) that rewards community participants for learning about and sharing Multiplier’s upcoming launch on Binance Smart Chain, Multi-Chain (Lend)
Through these missions, we hope members can understand more about our protocol before investing. Get a reward while researching us!
Q: How to participate in SSB or Simplified Stable Bonds of Multiplier? What is the duration of bonds? How many days or months funds are to be locked-in?
A: The duration of SSB are 3 6 9 months.
The funds can be redeemed at any time and your contract will be put in the open market.
The SSB platform allows users to mint up to 1000% APY stable yield (does not fluctuate).
By 07 Dec 2020, the SSB will be restructured, so do try it out today!
This SSB guide may help: https://medium.com/@multiplierfinance/multiplier-defi-platform-in-depth-walkthrough-f35bf6a738f9
ICOSpeaks hosted an AMA Session with the Multiplier Finance Team. That’s all for today.
Thanks to all users who participated.
Thanks, Multiplier Finance for being with us
Thanks, all and see you soon😉
Cheers 🥂
