Saturday, October 16, 2021
HomeAMA RecapAMA RECAP ID Crypto x Bagels finance

AMA RECAP ID Crypto x Bagels finance

Speaker : Emily sit (Project Lead & Product Architect)
Date : Saturday, may 15th, 2021
THERE IS 3 SESSION FOR AMA

  1. INTRODUCTION
  2. QUESTION FROM TWTITTER
  3. FREE ASKING

SESSION 1 ( INTRODUCTION )

IDCRYPTO:
Hello emily sit welcome to our community, we are glad to be with you here.

Emily Sit:
Thanks for the invitation @IDCRYPTO nice to meet you all.

IDCRYPTO:
Thank you. Please introduce yourself and tell how you started a crypto business to the idcrypto community?

Emily Sit:
Sure, I am Emily Sit, I am one of the cofounders and I am in charge of the BD and marketing part.
I started working in crypto since 2017 and as I have a background in Finance, I am particularly interested in DeFi and I decided to be ALL-IN and I met some talented partners, and here we are. to add a bit more.
Uniswap’s AMM model started this Defi craze and it can generate real profits for projects. Some leading projects in DeFi, like Compound and AAVE, in the past year, their TVL reached over $100 million. This is completely different from the blockchain era in 2017/2018.

IDCRYPTO:
Interesting background, Thank you for introducing yourself to IDCrypto Community.

Emily Sit:
Your welcome.

IDCRYPTO:
Can you explain what is Bagels Finance and how long your project launch !? Please explain in simple sentences.

Emily Sit:
Bagels Finance is the first cross-chain leveraged yield farming protocol (based on Heco/BSC/Ethereum Layer2). Lenders can earn higher lending interest rates. Yield farmers can earn higher farming APY. Bagels transaction mining allows both lenders and farmers to earn BAGEL token. Bagels will borrow assets to yield farms on both Heco/BSC/ETH, or provide liquidity on leverage(up to 10x) on behalf of the yield farmers. We are launching our products in late May, adding that too. the first one will be leverage yield farming protocol on HECO.

IDCRYPTO:
Interesting, I hope bagels finance can be a successful project in the future.

Emily Sit:
thank you.

IDCRYPTO:
Can you share with the community what Bagels Finance has been doing from the roadmap ?

Emily Sit:
of course, so far we have closed the institutional round of funding, we are also doing some internal testing for the product and as I mentioned, late May we will launch the mainnet. IDO will be happening right before that, please stay tuned.

IDCRYPTO:
Thank you for the detailed answer, I think it’s enough for the introductory session, I will continue to the second session.

Emily Sit:
cool.

SESSION 2 ( QUESTION FROM TWTITTER )

IDCRYPTO:
I see a lot of bagels finance investors from various circles and various projects, what is your strategy to attract a lot of investor interest? what benefits do you promise.
From @MonkeydRezalf

Emily Sit:
Great question, we focus on having a clear mission and a great product, I think that matters the most for investors. We received more interests than even we initially expected, but it is good, that motivates us to work harder. we will make our product safest and user friendly and so we will attract a lot of users too and help them to maxmize their APY.

IDCRYPTO:
wow, that’s great for attracting investors. all right, the next question.
I see the smart contract bagels have done the audit and the testnet, who did the audit? and what are the results of the audit? whether we can check it.
From @RomeoAmatama

Emily Sit:
Knownsec did the audit, we are doing another one with Certik too. yes you can check this file

will update on twitter when the certik will be done, so please follow us.

IDCRYPTO:
Thank you for detailed answer, maybe this PDF file can explain about bagels contract audit.
Okay Question 3.
With so many projects having similar use-case as that of Bagels Finance, what differentiates you from the rest? Is it the experience and dedication of the team?
From @kudapy0w1991

Emily Sit:
we are actually pretty different, on the roadmap, you can see we are gonig to launch dokodoa cross chain solution. so it allows us to do a lot more as our strategies will not limit to only one network.
Bagels leveragey yield farming protocol and cross-chain aggregation protocol are two different products, the name of cross-chain aggregation protocol is “Dokadoa”, which is called “anywhere door”, meaning that different digital assets can be used through Dokodoa which will be launched after the launch of Bagels’ V2 version.

IDCRYPTO:
So in ur opinion , how important the audit for ur project? how much audit target for Bagels Finance? And the last are u planning for get some burn on this year? Which quarter? Thanks a lot!
From @moralesvangabe

Emily Sit:
I think the audit adds a lot of credibility to our project and thus we are doing a second one.
for v1 we are doing these 2, from Knownsec and certik. we are going to burn 20% of the BAGEL.
Buy-back and burn: 40% of Bagels Finance’s platform revenue goes to the core team, which is used for long-term product development and project operation. 20% is used to buy back BAGEL and burn it daily, which deflates BAGEL’s circulation and increase BA-GEL’s market value.
here it is a quick writeup for the token economics.

IDCRYPTO:
Interesting, I will see an update of the bagels finance later.
Thank you, Okay last question in this session.
how long has the BagelsFinance project been running ??what are the upcoming and exciting projects will you do for the future of the bagels community to grow and to get satisfied each of us.
From @AlmerolJr

Emily Sit:
we have been running for around one year, time flies. We are going to build leverage yield farming protocol on BSC and Ethereum too and also dokodoa as discussed. so we are going to build partnerships with the ecosystem projects and also delivery great results for users.

SESSION 3 ( FREE ASKING )

Monica:
What is your long-term vision about the industry which you are working on?
Are you afraid some day there will be another project with more innovative technology can replace your project?

Emily Sit:
We are all early adopters in blockchain and DeFi, we are confident that we as a team will be following the newest trend and adjust the strategy on the go. we like the ‘competition’ as they are just partners that will help bringing more users to the platforms.

Khoa:
What is the biggest hurdle for Bagels Finance in real world deployment, and what plans do you have to overcome these challenges?

Emily Sit:
Real world deployment is not as easy mainly due to education, most of the crypto holder now still keep their assets in wallets. also the high gas fee on ethereum has discouraged many users to get in esp if they dont want to start with a lot of assets. on HECO and BSC, the gas fee currently is a lot lower and so it will be good for you to start your DeFi journey with us. we will also have a step by step intro to the product so it will be easy to follow.

Lucky Luckyyy:
Partnerships are so important to development, can you tell us what Bagels Finance partners you have now and in the future?

Emily Sit:
Yes, Our Bagels team plan to launch a series of innovative DeFi product portfolios to build Lego with Bagels later, partnerships are very important. so far we have orbits finance (curve on HECO), Black ocean (liquidity provision platform) and MetisDao (Layer 2 solution)
we will be announcing a few more soon.

XOXOXOXOXO Cristiano Ronaldo XOXOXOXOXO:
For a project development first of all main priority is having enough fund. Does your team financially capable to run this project? Do you have enough fund for it’s developement Can you tell us that how your project generate the profit?

Emily Sit:
Yes, we have definitely consider this partonce we have started running the project, there are multiple stream of income source.
a. Bagels Profit Model:
1. Interest rate gap
2. Trading fee 0.1%
3. Liquidation fee 5%
b. Dokodoa Profit Model:
1. Cross-chain asset swap closing fee 0.05%
2. Cross-chain liquidity faming tax 5%
these are some examples.

Eid mubarak:
A big problem for a lot of Defi projects, seems to be that when farming starts. The price goes down because people unload to put liquidity into the farm.
-Will there be an incentive to hold and not just farm and dump?

Emily Sit:
yes, this is a great question, the biggest problem now is mine, withdraw and sell and we have come up with some incentives for them to hold.
Dividends: 40% of the platform income of Bagels Finance distributes to the DAO Board-room members, and is distributed according to their share.
this part we will encourage them to be part of us and so our long term success matters to them as well, we are partners.
after all, it is about building confidence, we always remember that.

MORE DETAIL ABOUT Bagels Finance

Oezankhttps://idcryp.to
Oezank is a Crypto Influencer who has more than 2 years of experience observing Crypto projects and strongly believes in blockchain technology in Indonesia.
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