On February 3rd 2021, our community had a chance to welcome Evolution Mod – Founding Partner Of Evolution Finance to join in an AMA to give fruitful information about the key features and roadmap of Evolution Finance.
This AMA was held by CryptoFamily Group – the top crypto community in Vietnam, where investors and traders can obtain the lastest news and signals from bot/ admins, as well as discuss and share investment experiences in the crypto space.
At this AMA session, representatives of Evolution Finance team went live to greet the community and introduce in detail Evolution Finance, is a lending market using renVM to bring the top 50 assets to the Ethereum DeFi ecosystem. This market target a 10x greater market volume than any competitor.
Time: 09:00 PM (UTC + 7) on Wednesday, February 3, 2021
Airdrop 100 USDT for the best questions in the AMA.
Below are some main points of this AMA:
PART I: INTRODUCTION OF EVOLUTION FINANCE
Question 1: There are countless DeFi projects out there. Some already very successful and established.
Please tell me how is Evolution Finance different? What can it offer that other DeFi platfom simply can’t?
Evolution Mod: Currently DeFi is very restricted with the available assets primary on eth, Evolution plans to increase the lending and borroing market by inclusing many native tokens currently not being utilized as well as expanding on ERC20 assets.
To do this we will integrate RenVM on our back end and user will be able to directly deposit native assets that will then become ERC20 wrapped with Ren. Currenlty Ren have 7 native assets we will integrate with more being released this quarter and then additional every following quarter. We will implement all of these assets that fit the criteria.
Beyond RenVM we are working directly with many other projects to bring their native assets on to ethereum and be utilized without the Evolution platform.
One more KEY element that makes Evolution different would be our deflationary farming model and 100% token release. Unlike other projects with inflation and company tokens that constantly increase supply. The Evolution rewards model is deflationary by nature which incentivises people to hold their rewards over racing to sell them.
Question 2: Next, would you say you are in direct competition with CEX`s for a market niche? Do you have any DeFi competitors?
Evolution Mod: Evolution Finance isnt looking to compete directly with other defi projects but more so compliment them. If we were to look at “competitors” it would be other lending platforms such as AAVE or Compound.
As mentioned earlier we arent looking to compete directly but more so compliment existing DeFi offerings by bringing assets currently under utilized, that combined with deflationary farming would be the key points of difference.
Question 3: Can you tell us about your partners and what value they bring to Evolution Finance?
Evolution Mod: The three founding parters are BST, DAO Maker and Ferrum Network, ill post a little info on each below.
Blockchain Strategy Team: BST have been designing blockchain and token ecosystems since 2017 and some members in the space since 2011. The core team have been involved in launching multiple 100x projects and now primarily focus towards onboarding mainstream retail users to multiple platforms through innovative and simple to use token models. Although the token model in this case may not be simple BST is responsible for its design as the project lead.
DAO Maker: DAO Maker is a consulting agency and software provider that offers services to startups in the blockchain space. Services are not openly accessible as we work with only a few hand-picked projects that pass our strict due diligence.
DAO Maker’s flagship technology product is Social Mining, a software that offers the most advanced resources to transform a tokenized ecosystem into a DAO. Social mining allows a project’s community to become a thriving self-managed organization of active investors. Whenever a token holder makes actions that advance the success of the project, the community votes on the value he/she deserves for that action. Such a system combats the socio-economic Free-Loader Problem.
Ferrum Network: Ferrum Network will lead the development and staking platform for Evolution Finance. Ferrum host a full suite of DeFi technology products to ensure project success from pre-launch through to scaling.
In total there is over 40 full time people available to build Evolution as it prepares to become a fully decentralized project.
Additional partners include the likes of Arcadia and COVER as trusted multisigs and service providers, also Cipherblade as our “on call” security team if required.
PART 2: BEST QUESTIONS FROM GOOGLE FORM AND TWITTER
The question is from Twitter
Question 1: Please tell us about the dual token model, EVN and EVNY and about their functions? @Phan03328445
Evolution Mod: The foundation of Evolution Finance is built on a locked liquidity model where we reward LPs through deflationary farming. Instead of dealing directly with locked LP tokens we exchange these 1:1 to EVNY, the EVNY then represents your share of the locked liquidity.
EVNY locked liquidity will be capped to the first $5m of deposits so that LP rewards do not become diluted with additional liquidity, I belive this capped liquidity model is the first of its kind. EVNY is the EVN Yield token.
EVN is the primary token of the network, the 1.7% “fee on transfer” come when selling or transferring EVN. The role of EVN is to provide discounts on lending fees, governance, support the network and it will also have staking available at a later date.
Thats how we ended up with a two token ecosystem.
EVNY will earn 1% of all transaction fees
Question 2: Deflationary farming and Incentive system with longevity. You chose to deviate from the accepted farming norm. Please explain why? @MasanariToyko
Evolution Mod: Apart from lack of real use case we see the major downfall of most tokens the fact that they continue to dilute the supply and in return that dilutes the value of everyones tokens. Most teams keep 50-80% which are then used to inflate the circulating supply at the detrement of all token holders.
The key role of Evolution was to not only build a sustainable revenue gerating product (where 100% goes back to the ecosystem) but also bring the most valuable token ecosystem possible. We belive we hve achieved this by releasing 100% of tokens with locked liquidity, created a guaranteed rising price floor (in eth) and by including the tax for selling we are able to reward the holders with a deflationary reward instead of constantly inflating supply.
Question 3: About the locked liquidity model. Other than driving the price of EVN higher, what other functions does it have? Isn’t that just a form of artificially pumping the coin? @PhucNgo2000
Evolution Mod: The two primary functions to the locked liquidity model are the rising price floor (in eth) and access to eth below the floor through tETH.
If we release 100% of the token supply 300k + $300k (in eth) to uniswap and lock the liquidity for ever this instantly creates a mathematical price floor.
The price per token = $1 (in eth)
Now with 100% of tokens who can sell to make the price go lower?
No one, because they have to buy before they can sell.
So if I buy $100k price moves up, now I sell $100k price moves back down BUT there was a 0.4% burn in that tx so now the total token supply is lower.
Pool now = $300,400
Token supply now = 299,600
*Not taking in to consideration all distributions, just the burn
+ 0.3% uni fee stays locked = 299,300
$300,400/ 299,300 = $1.00367
We have a new price floor, that the token can’t possibly go below when all tokens are sold.
This happens with every single tx on the network, increasing the token price floor.
*disclaimer rough math used for simplicity and there is more factors that raise the floor
Next up we have tETH – Utilizing ERC-31337 (by Rootkit Dev and Evolution Advisor)
So when we set the tETH pool we are using a synthetic version of eth that represents eth 1:1
A calculator within the code allows us to calculate the price floor (as dicsussed above) which is created by taking the circulating supply (not locked in liquidity) and get the result of “selling” those tokens into the pool.
Locked liquidiy models leave excess eth liquidity below the price floor that typically remain idle and cant ever be accessed, thanks to tETH we can now access the eth below the floor and re use it.
With the second tETH pool we can sweep the floor and access ETH that could NEVER be sold into or accessed.
In other words. That LOCKED eth in the 100% LOCKED pool can be accessed by representing it as tETH on a 1:1 ratio.
We then use this eth to rebuy EVN tokens and remove the from circulation, the floor price again goes up, allowing for more ETH to be accessed.
Each sweep raises the price floor by 83% of the purchase amount when those tokens are removed from circulation. So we use 1 eth to buy back and remove and this gives us access to sweep another 0.83 eth and repeat.
You basically rinse and repeat until all used up.
If we start this system with 1 new ETH from the platform revenue it can be used multiple times creating 6.25:1 buy pressure through ultiple cycles.
So every ETH from revenue can create 6.25eth of buy pressure for EVN while reducing circulating supply and raising the mathematical price floor.
As we are building a revenue generating lending platform 100% of the revenue will go back to stimulating the ecosystem through the above model and volume strategies.
This loop and constant burning of EVN creates constant buying pressure hence more demand and lower supply.
Question 4: I would like to ask, Which one the most important for you in developing the community and increasing the value of the project? Which one that you will do first? @Victoria20kBTC
Evolution Mod: It is most important to us to bring a valuable long term sustainable product
Question 5: What is your top 3 things for priorities in 2021? Could you share some plans for the upcoming year? @whuzeng15
Evolution Mod: There are 3 main things
1: We will focus on partnership integrations
2: Mainstream adoption of defi
3: Including the maximum amount of native assets in to DeFi
CF: I believe all the members here would love to learn more about Evolution Finance, and they have many questions submitted to our Google form and Twitter today. After careful consideration, I decided to choose 5 best questions for Evolution Finance team to answer directly in CryptoFamily Group.
PART 3: BEST LIVE-QUESTIONS IN CRYPTOFAMILY GROUP
Question 1: DeFi is one of the hottest and most sought-after topics in the blockchain space right now. Can Evolution share your opinion on DeFi with us? Do you think DeFi will disrupt the current financial system? What is Evolution’s approach to the DeFi sector?
Evolution Mod: 100% I can see defi distrupting the current financial status of the world, put the mony back to the people instead of corportations.
This will just require some education and adoption and then it could take over.
Question 2: The 1.7% transaction cost seemed high at first, but it helps the development of the token and the project. Do you mean that this transaction cost will keep the project in continuous development and provide sustainability for the benefit of its users?
Evolution Mod: We will generate profit from the lending and borrowing fees, 100% of revenue will go back to increasing the value of the token
Question 3: Everyone agrees that collaboration is the key to making things easier and more successful for a project. With whom is EVN currently cooperating or planning to do so? What benefits does EVN think this partnership will bring for itself and its partner?
Evolution Mod: We have announced only some of our partners including top tier projects.
Post launch we already have another 12 partnerships to be announced with tier 1 projects.
The benefits will expand our reach and grow the network, from this all revenue will go back to token holders value.
Question 4: Evolution Finance is one of the most anticipated launches in 2021 so far, what concerns me is that Uniswap listings generally are a bots game, is there anything planned to fight against bots buying all the liquidity?
Evolution Mod: This will always happen but with EVN when people sell the holders are rewarded, that what makes our model so strong.
Question 5: Many investors hit and run in the sell and sell session after listing on the first exchange, How did Your project prevent early investors from selling their tokens and what benefits would Your project give them?Security & User Interface are the Most Important Aspect that Users see on a platform. How has Your Project worked on this? Is Platform suitable for Newbies in the crypto world?
Evolution Mod: Yes we are aware of this and have many anti bot measures in place, we share you concerns and will make maximum effort to prevent bots and get tokens to real investors.
CF: We are so excited to hear more about this quality project. But I am afraid the time is up now, so we must finish our AMA session. For all of the questions that have not been answered yet, feel free to search for more information on the links provided below:
Telegram group: https://t.me/evolutionfinance
Telegram group VietNam: t.me/evolutionfinance_vietnam
Telegram Channel: https://t.me/evolutionfinance_ann