If you missed our yesterday live AMA session,you can read our AMA recap here !
On 22 December 2020, we conducted an AMA in the Cryptoscreen Community. Our speaker was Daniel Valdes, CEO of BambooDeFi.
The BambooDeFi team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Cryptoscreen community. If you missed the AMA in person, read this recap for a deeper insight into BambooDeFi.
Let’s take a look at the most interesting points of our conversation.
Lots of questions was answered.
Segment 1: Introduction
Could you please introduce yourself and introduce BambooDeFi to our community?
I have been involved in blockchain and cryptocurrency for many years. My company has developed crypto ATMs we have been successfully commercializing since 2017. We have also developed software for third parties, from IOS or ANDROID to various trading tools and bots.
But now… Im proud to tell to the whole community that after months of work developing, organizing and testing different concepts, we can announce the birth of BambooDeFi.
In brief, and as a first presentation, we can say that BambooDefi is a decentralized global ecosystem used to exchange, store and “grow” cryptocurrencies.
What kind of services and products does BambooDeFi offer to users or investors?
Daniel Valdes: BambooDeFI offers a reward program for all its users and investor….
- YieldFarming + Yieldfarming program with temporary blocking,
- Staking + Staking program with time lock,
- Voting system,
- Liquidity pools formed by liquidity providers.
- Raindrop and Bamboo Burn Yearly Par (BBYP)
All liquidity (LP) providers are generously rewarded for their contributions to liquidity pools. These rewards are based on a four-fold performance system:
- Distribution of the SWAPS commission for the liquidity providers.
- Generation for BAMBOO holders: They get more BAMBOO if they use it in the STAKE system and improve the payment of rewards in the YieldFarming.
- Distribution of dynamic yield multiplier bonds among the different liquidity funds.
- Distribution of 50% of the profits generated by the Raindrop system for users with active liquidity pools and blocked BAMBOO in the Staking portfolio.
I think it’s quite interesting for any user
Are the locking and blocking systems aimed at avoiding whales dumping?
Daniel Valdes: Yes, is designed to avoid typical pump & dump schemes. these blocking times, guarantee a security. They also work in line with the burning system and emission control.
What is the difference between staking and staking programs with time lock? And is there a minimum for staking?
Daniel Valdes: The traditional staking system allows the tokens to be taken out at any time, we have chosen to do it similar to some MN’s but allowing the user to choose the duration of the blocking of their tokens. These can range from 1 day to 5 years.
Can you explain tokenomics Bamboo token? And where can people buy Bamboo tokens?
Daniel Valdes: First of all….BAMBOODEFI team does not keep any token for itself, except for the percentage generated by the swap transactions.(0,06%)
With this in mind, we can explain how the money obtained in pre-sale and IEO will be distributed: Estimation of the budget distribution.
The following information is an estimate of the budget distribution, assuming that the IEO’s hardcap is reached, which can vary considerably depending on multiple factors such as the amount collected, variable market conditions, etc.
- Development 45%.
- Security audits 2%
- Marketing 20%.
- Legal 3%
- Operating costs 25%.
- Donations 5%.
Under “Development” are included the items for internal staff recruitment and the specific items for development. Operating expenses include all fixed and variable costs of the company, including the list of Exchanges, account audits, tax payments, etc.
And are there any benefits for long-term Bamboo token holders?
Daniel Valdes: We believe that the staking system and the incentive system for liquidity providers who have BAMBOOs in staking will encourage people to keep their BAMBOOS in hold.
In addition, we have to consider the inclusion of a credit card, which may also generate cashback to bamboo holders. BambooCard release date is yet to be confirmed exactly, but we can venture to say that it will be released during Q1/Q2 of 2021.
What achievements has BambooDeFi achieved so far? Then, what strategies and plans will be carried out in the future or in 2021?
Daniel Valdes: Up to now we have complied with everything that appeared in the roadmap. Currently we are already a bit ahead in the roadmap and you can check our SCs in KOVAN.
As you can see, we are almost ready to deploy on mainnet. For the near future I will refer again to the roadmap and I think this is what we can confirm:
► BambooCard implementation and mobile application
► Listing in more DEX to be confirmed.
► Listing in first level centralized exchanges, to be confirmed.
► Study and Test of p2p lending system and escrow contracts.
► Implementation of p2p lending system and escrow contracts.
Bamboo DeFi Roadmap 2019/2021
BambooDeFi was born as a concept inside the software development company NexxyoLabs during 2019.
In addition to the roadmap, we are working on the implementation of NFTs and gamification, but no dates have been confirmed.
Segment 2: Questions from the Twitter
Questions From @404PageWrong
On 4 December 2020. BambooDeFi announced that it is becoming an official member of the Ethereum Enterpise Alliance (EEA). EEA is “THE LARGEST ENTERPRISE ETHEREUM ECOSYSTEM”. What are the advantages and benefits that BambooDeFi gets when joining the EEA? Is the Alliance really important and needed by BambooDeFi?
Daniel Valdes: We believe in what we do and in our decentralised finance project, and belonging to the EEA means that we support BambooDefi from the largest organisation of companies working in the ecosystem.
Being validated by the organization, besides providing visibility, gives reliability, transparency and security to users and the possibility of creating links with other partner companies that believe in the same values.
Finally we are members of the EEA !
We are pleased to announce that BambooDeFi is now an official member of the Enterpise Ethereum Alliance.
Here our readers can find more information.
Questions From @semangkaloverz
Most new DeFi projects are just copies of existing ones, they are just useless. So, what’s unique about your project & what makes BambooDefi trustable as a long term project for users and investors?
Daniel Valdes: There are several features in BambooDeFi that improve what has been available up to now. The aim is to make the platform profitable and sustainable in the long term.
The main difference between BambooDefi and other DeFi is that the Bamboo team will get nothing from the growth of Bamboo, and the Bamboo received from the swap fees will have a 30 day blocking period. Any Bamboo generated in the staking system will be distributed among the users of the Bamboo ecosystem nothing come to Bamboo team.
The protocol works for the reduction of Bamboo emission, which decreases over time to only 1 bamboo per mined block in five years, which will increase the price of the Bamboo token in collaboration with the remaining burn and price support systems…. as the project ecosystem grows in the future.
Liquidity providers will continue to be rewarded even if withdraw their assets from the liquidity fund, if they continue to hold the Bamboo locked in the Bamboo Field staking system.
The RAINDROP and Bamboo Burn Yearly Party system is created to control the inflation of Bamboo tokens, support the price of the Bamboo and reduce the total and current supply of issued tokens. In these lottery systems users who actively use Bamboo are rewarded every ten days and annually.
The Governance system, where each Bamboo owner has to burn Bamboo to vote or create a suggestion, is also designed to support the price of Bamboo. i think that’s all for now, until we implement the rest of the improvements to the protocol.
Questions From @BSCgenerator
What is the utility of yours bamboo token on this cryptospace ? And with the good story from Binance smartchain use AMM methods will you walk in BSC and make your coin and dex multi chain and reach more user ? Less fee more speed
Daniel Valdes: The utility of BambooDefi, in addition to those already exposed and that seek to generate income to the user, such as rewarding the staking, the system of Raindrop and governance, or the system of revaluation of the token, will be complemented in the future by the creation of a credit card itself, which will allow greater interaction with users.
BambooDefi uses the Advanced Market Maker (AMM) to provide foreign exchange liquidity to the crypto-currency pairs provided by BambooDefi users who earn passive income on tokens that are held within the wallet and blocked in liquidity pools, to earn revenue through trading fees.
Advanced Market Maker (AMM) is an automated system that provides liquidity to BambooDefi by replacing the traditional order book with liquidity funds that are preliminarily funded by both assets in the trading pair.
We are familiar with their network, but BambooDefI team decided to use the Ethereum network due to the team’s previous experience in that field.
If the problems with the GAS in ETH aren´t solved with ETH 2.0 and the community asks for a solution through the governance system,we are ready to migrate to other Networks.
Questions From @itedakimashu
Read from WP. IEO begins (December 25). Why is BambooDeFi doing IEO? Isn’t BambooDeFi already selling (presale). If the IEO is going to do so, which exchange are the options for doing it?
Daniel Valdes: This is a good question, but it is easy to understand if we think that there is a whole team behind the development of BambooDefi.
The IEO will be held in Chainx
The reason to do an IEO after the successful pre-sale (85% sold at the time of this AMA) is part of the strategy to follow in the Roadmap, with the idea that it provides a greater capitalization for a better maintenance of the protocol and to grow as a company to continue the development of the platform, implementing new utilities that complement the already complex ecosystem.
As you can see on our website www.nexxyolabs.com/about , we are a team with many members and we are looking to sustain Bamboodefi in the long run.
Questions From @sinagapi
BambooDeFi has very many local communities. About 28 local BambooDeFi groups, This is a huge number. What is the purpose of creating a local group of up to 28 groups. Is that really important? Then in the future, will we add more local groups?
Daniel Valdes: I think right now 32 , although some are small and have just started.
Our main purpose is that everyone who is interested in BambooDeFi has a reliable site to ask questions on regardless of their language or culture. Communication with our users is fundamental, and more so in decentralised finance, which implies a lot of responsibility on the part of the user, so we have found establishing communities one of the best ways to reach all of them.
It is important for BambooDeFi to reach as many people as possible, and the creation of these groups, many of which are required by the users themselves, is something we are proud of.
There are already requests to create other communities and little by little we will be creating them, our community managers are very busy!
Latino America: https://t.me/BambooDeFiLATAM
there are still some to be added
Segment 3: Free/Live Questions
Telegram User: How is bamboo defi financially supported? DOES your plan for BambooDefi token include token burning or token buyback?
Daniel Valdes: We have carried out a pre-sale, currently we are close to 90% of sales. As explained in the paper, we have in mind to repurchase 20% of all the proceeds of the pre-sale and IEO. And there are also several burning systems, you can see them in more detail in our whitepaper. https://bamboodefi.com/assets/bamboo-whitepaper-en.pdf
Telegram User: Reading your website, I just get interested that you have an ATM partner, so BambooDefi Will be available to use from ATMs or points of sale in the future?
Daniel Valdes: Yes, we work with AuroraCriptoMachines, www.auroracriptomachines.com is one of our product branches. We hope to be able to include Bamboo in them throughout 2021. There is still a lot of work to be done, but we hope to comply with the established roadmap.
Telegram User: What major problems did the BambooDeFi team face during project development? And I also want to know the motivation of the BambooDeFi development team? thank you #BambooDeFi
Daniel Valdes: Above all regulatory problems, being a company means being very aware of the legality of all the software you develop, and the blockchain is no exception. Luckily we had the help of PUlsar capital as our EAFI and a law firm. Ferrer-Bonsoms & Sanjurjo Abogados.
We are technology lovers, it is our main motivation… to be able to develop things that take us out of our comfort zone.
Telegram User: Investors are interested in burn and buyback systems. Do you have a Burn or Buyback plan in the coming period?
Daniel Valdes: Yes, all the tokens left over from the pre-sale and IEO will be repurchased and burned. This is the first action. Later and thanks to the Bamboo Burning Year Party, an annual lottery in which to participate will be necessary to burn bamboo to get a ticket to participate.
The jackpot is accumulated through the AMM in the amount of 10% of the commissions collected by the BambooDefi team. These BAMBOO tokens will be repurchased through the AMM and sent to the specific portfolio of the annual lottery. Also all tokens are blocked until the date of the lottery.
This is one of our ways of keeping the price sustainable and attractive to investors.
Telegram User: Which one of these aspects important for you?
A-Increasing Token Price&Value
B-Empowering Platform Development
C-Building Community Trust
D-Expanding Partnership Globally
Daniel Valdes: we can say that a mix of everything? It’s difficult to choose just one… I think the future of a project lies in being able to maintain a balance between everything you propose in the question.
As you can see in the partner section of our website…we are working on further expanding our partner section. https://bamboodefi.com/pages/about
Info gathered from : https://cryptoscreen.org/ama-recap-cryptoscreen-with-bamboodefi/