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AMA RECAP IDCRYPTO X AMARA

Speaker : Neal (Head of BD North America)
Date : Thursday, June 24th, 2021

THERE IS 3 SESSION FOR AMA
1. INTRODUCTION
2. QUESTION FROM TWTITTER
3. FREE ASKING


SESSION 1 ( INTRODUCTION )

ID CRYPTO:
Hello neal.

Neal:
Hello ID CRYPTO.

ID CRYPTO:
Welcome to our community, we are glad to be with you here.

Neal:
Same here.

ID CRYPTO:
Please introduce yourself and tell how you started a crypto business to the idcrypto community?

Neal:
Sure! Hello everyone! Excited to be here. I am Neal, the Head of Business Development of North America at Amara. I’ve been in crypto since 2017. I have a background in data science with experience in developing machine learning applications in different fields. Our team members all have been in the crypto space for quite a long time. We have seen tremendous growth in the past years and we we have no doubt about the future of blockchain and decentralized technology. With the success of Bitcoin and Ethereum, we believe Polkadot, the next generation of blockchain will win and lead the development in the space due to its scalability and interoperability nature. Meanwhile, the explosion of DeFi makes us realize the huge potential of decentralized financial applications. We have seen new trends and opportunities including but not limit to:

  1. ever grwoing needs for transparent, efficient, and self-controlled financial applications/models/services.
  2. Fundamental technology infrastructure for financial applications development
  3. Decentralized and trusted (trustless) network for high speed and volume of transactions.
  4. Free and frictionless communication and flow of assets.
    With these observations, we started Amara so the broader consumers can benefit from our services and products built with blockchain technology.

ID CRYPTO:
Can you introduce about AMARA Finance and how long your project launch?

Neal:
Amara Finance is a multi-chain assets lending platform based on Polkadot and Acala Network. We will be in the first few projects on Polkadot and Acala network. We are also building a cross-chain protocol to connect assets on different blockchains to the Polkadot ecosystem.
our goal is to become the liquidity hub in the crypto space. That is a very import step to Amara as well as to the crypto world.
Eventually, we want to become a full financial services platform with growth and security in mind. We are expected to launch at the end of August once Acala Network gets Parachain slot and launch mainnet.

ID CRYPTO:
Polkadot ecosystem, right?
it’s very interesting, Thank you for detailed answer, I can’t wait to see it.

Neal:
Yep. Make Polkadot ecosystem stronger.

ID CRYPTO:
Can you share with the community what AMARA Finance has been doing from the roadmap ?

Neal:
Yeah!!! We have been working tirelessly!
In April, we published our Whitepaper, completed the test of AmaraLend on Ethereum, and closed our seed round investment.
In May, our website went live.
In June, we deployed AmaraLend on Acala Mandala TC6 network, did asset tests with USDT, ACA, BTC, and DOT, and began the yield farming on testnet.
We also developed a strategic partnership with Phala Network and initiated a global airdrop campaign.
WE had the honor to be invited to join Solana Hackathon as well!
What will do next? We will start internal testing of our products where users can signup the test, complete their test, and win rewards!
August is a big month since we are going to officially launch our platform.
After that, we will start to upgrade lending model and develope “interest rate bomb”, test Maralink, which is our cross-chain bridge protocol.
So please join our community to keep updates with latest news, events, and getting rewards!

ID CRYPTO:
AMARA Finance’s Journey is very interesting, I hope AMARA journey in the future will be much better, Don’t forget to join @AmaraFinance to follow AMARA next journey and update.

Neal:
Thank you~ It will more interesting if you join the ride with us!

SESSION 2 ( QUESTION FROM TWTITTER )

ID CRYPTO:
Amara DApps also supports derivative debt, can you explain what items can be used as collateral? and how to determine the exchange rate according to the borrowed and guaranteed?
From @FahrudinajiSari

Neal:
Interesting question! Although we haven’t touched on derivative debt on Whitepaper, I think it is a very good topic to explore. We have plans to develop derivative products as we want to become a full financial services platform.
We will look into that. I also encourage you to follow our development, and tell us more about your ideas, so we can build better products! This is the power of community!

ID CRYPTO:
Thanks for the answer, Okay next question.
With so many features in the AMARA project I’m interested to know about point 3.3 in your whitepaper regarding yield farming, can you explain in more detail to us?
From @Michaelll86

Neal:
yes. We have designed three yeild farming mechanisms. One is that you can stake assets to earn yields. Second is that you can use our lending products to earn MARA, either being a lender or a borrower.
The third is you can provide assets to liquidity pools to earn fees and rewards!

Of course, we will continue to develope good yield farming mechanisms.

ID CRYPTO:
Amara Finance is a centrally focused money market protocol for asset borrowers. Secured debt position model, how does it help improve this lending model? When using polkadot, will $DOT be used as the first default collateral? What will its role be?
From @Jaki73364096

Neal:
So when we design the lending model, we think about return and risks. Our goal is not chasing unrealistic return, and we have seen so many failed models. We designed many risk management mechanisms to reduce the risks and impacts to users on our platform.
DOT will not be the default collateral, but it will play a very important role in the lending market, just like ETH to AAVE and Compound. DOT will also be a core asset that we buy as part of our reserve fund.
overall, we want to make sure the secure of our platform with good returns.

ID CRYPTO:
I hope AMARA Finance will become a successful model in the future.

Neal:
Let’s make it happen with the power of community!

ID CRYPTO:
Of course.

Neal:
of course, we have an experienced team that is capable of doing things need to be done
.

ID CRYPTO:
I hope you get the full support from the community. Okay, question 4.
Could you elaborate the Unsecured debt and Derivative Debt of Amara Finance? What is the difference between the two debts? Which is more recommendable and negotiable debt between the two?
From @mylhe

Neal:
Unsecured debt is a loan that will be issued without collaterals. We plan to design a new model based on users on-chain and off-chain data, to evaluate risks of a requested loan.
Derivative debt, like I said before, is a good topic to explore.
Choosing which product will depend on users’ risk preference and needs, but what we do here is to minimize the risk.

ID CRYPTO:
Alright, last question for this session.
The first quarter of 2022 says that AMARA will be introduce the NFT to its ecosystem, but this assets will it be just collectibles or do you have planned a real use case to them?
From @manugotsuka1

Neal:
NFT related financial product will be our focus in the beginning.
We want to release the liquidity for top rated NFTs. There are many possiblities here for NFTs. We are confident about these products will surprise the market.

SESSION 3 ( FREE ASKING )

Hendra sico/Sico_SadBoy:
Hi mr.neal, How do you make users believe that AmaraFinance is a high-quality, long-term project? Please share 3 main points to convince me and other angel investors to invest in $MARA long term?

Neal:
1. We have a experience development team and operation team, and have been achieving significant progress
2. we have institutional investor back us already.
3. We have the first-mover advantage in the Polkadot ecosystem, with the capability of becoming the liquidity hub in the crypto space.

Toslim Ahmed 95:
Hello Sir, As an investor how can I buy the token? Is it already listed on any exchange (CEX & DEX)?
Can you tell us what profits or benefits we get from your project???

Neal:
IDO details will be released in the end of July. Please stay tuned!! Join our community to get the latest news!

ডলার দে মাল খামু :
I want to ask, Which one the most important for you in developing the community and increasing the value of the project? Which one that Will you do first?

Neal:
we are doing both! Our technical development team is working full speed. And our operation team is here to engage with global communities!

Maralus | XCF | MEXC Angel:
Hello, are u planning to get more list on exchange for amara in closer time? ur project really great! But i think we need more maket cap so more people know about AMARA! And are u have a Indonesian Telegram Community of amara? Thanks! @neal_666

Neal:
That’s part of our plan for sure! We don’t have an Indonesian telegram community yet. Look forward to building one soon!

Sam:
What to make a loan at AMARA FINANCE? And is there a % of the loan that must be paid?

Neal:
we will cover mainstream assets like BTC, ETH, DOT, etc.. We will also introduce high quality long tail assets with huge potential of growth!

MORE DETAIL ABOUT AMARA

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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