AMA RECAP

6 min readJun 22, 2021

CRYPTO MINERS X EARNADA

Venue : @Crypto_miners_Community
Date : 21th June, 2021
Time : 6PM UTC

Guest : MR. Dominik( Mod at EADA) & MR. Rainhard ( Dev at EADA )
Mr. Rainhard & MR. Dominik shared with us a well detailed insight into the Project and Unique features of EarnAda…

SEGMENT 1️⃣ — INTRODUCTION

WOLVERINE | CRYPTO MINERS

👋Hello Chat , Welcome to a special AMA session with $DOGEPOT FINANCE🔰
Dominik
Thanks for letting us give you an insight of EarnADA and hello to everyone!

WOLVERINE|CRYPTO MINERS
Q1. Could you explain a bit about the concept of the EarnADA and how does it work !?

Rainhard|EADA
The concept behind eAda is to reward holders with ADA, so holders don’t need to worry about the ideal time to sell, they can just hold and profit.
eAda works by taxing each transaction with a fee and using that to buy ADA.

WOLVERINE|CRYPTO MINERS
Q2. What are the risk management policies that EarnADA uses to safeguard the investments and credits granted by its platform?

Dominik|EADA
First of all, I would advise anyone to only invest what they can really afford to lose. EarnADA is a high risk, high reward product.
There were many exploits in DeFi lately, even hitting much larger projects, so always be careful.
The EarnADA contract is made to be really simple. There is just 1 contract that handles the tokenomics and the staking, your balance is equal to your shares.
That reduces the likelyhood of possible exploits.
We also choose to lock the LP directly in the contract.

WOLVERINE|CRYPTO MINERS
Q3. A good project always has competition and duplication of ideas. What does EarnADA think about this issue? What is the long-term vision of EarnADA in the blockchain market to keep up with the trends with technology, community and related issues?

Rainhard|EADA
We don’t see competition and duplicates as a huge Problem.
It shows that EarnADA is a good product and there is a lot of demand for such products.
EarnADA aims to build a strong community that drives this project forward.
In future we will be be looking into things like building bridges to different blockchains.

WOLVERINE|CRYPTO MINERS
Q4. What factors will influence the future demand for EarnADA project ?What steps would you take to boost demand ?

rainhard|EADA
Right now we are setting up everything so that ew are perfectly prepared once the crypto market recovers.
Once the market recovers, we are aiming to push a marketing campaign to increase demand.
We mainly want to achieve organic growth, not unsustainable pumps.
We also believe that we will strongly profit when Cardano is successful.

WOLVERINE|CRYPTO MINERS
Q5. Can you share us an overview about the Tokenomics, roadmap and some of the exciting future updates of EarnADA ?

Rainhard|EADA
The tokenomics are made to encourage holding.
We currently have a 10% fee on buying and a 20% fee on selling based on community vote.
The fee is used for 3 things:
-ADA Rewards
-LP generation, to achieve a stable price
-Burn to make eAda deflationary.
We also have unique mechanisms to stop whales from manipulating the price. Whales can only sell 0.25% of the supply at once and are then locked for 30 minutes from sells.
With this tokenomics we make sure holding gets strongly rewarded.
The short-term roadmap will mainly include things like marketing and listings. In the long term we want to build strong partnerships.

SEGMENT 2️⃣ — Twitter Q & A

Q1) @MILINDRJV

It’s about safety and security, I want to know how the team resolves if there is an unfortunate security problem? Has the team thought of a solution to the EarnADA Token problem !!

Dominik|EADA
Should there be a a security issue or exploit, we are aiming to compensate the holders as good as possible like with an airdrop of a fixed token.
We tried to make this token as safe as possible, but there is never 100% security.

Q2) @CRYPTOHULKIE

Where does the project name come from? What does it mean for you and why did you choose that name for your project?

Rainhard|EADA
We wanted to provide a name which is easy to remember and also points right to it’s usecase.
For us it’s also important having a serious name for the token and not a funny or exaggerated one to underline the earnest approach of decentralized finance.
Earning Cardano while holding EarnADA 😉

Q3) @MUHAMME58879336

You guys provide a peculiar perk to holders in the form of ADA rewards. So in the future you guys will be partnering with Cardano foundation? Will you be setting your roots into Cardano network too?

Dominik|EADA
This would definately be a big goal for later on.
So for now we just lika ADA a lot and think they will hava a bright future.
That said we want to help collect as many as possible.
We are looking forward for expanding to different blockains in the later run.

Q4) @PUPA24

There’s a maximum limit of 2.5M tokens that we can only purchase in your Platform and if it exceeds that limit, our purchase will be rejected. So what’s the reason of putting limits? Also does it mean we can’t hold token more than 2.5M?

rainhard|EADA
The Limit is mainly to avoid single wallets from buying a large percentage of the supply for cheap at launch.
You can actually hold more than 2.5M and there actually is one wallet that does so, as the limit was 4M for a short time.
But you can’t buy or transfer to a wallet that would exceed the max amount.

Q5) @GEMHUNTERNEW

Why is $EADA not being launched to more markets so that it can be exposed by more people when it all looks like your BOOM is getting rich?

Dominik|EADA
eAda is currently only available on pancakeswap, but we are looking into options to expand to other markets like central exchanges in the future.

SEGMENT 3️⃣— Live Q & A

Q1)Yadhu Krishna

Your foundation idea is very new, so it takes a lot of formula and takes a long time to develop. This must have a tricky point for you? Do you agree that the strength of the community will lead your project to grow globally?

rainhard|EADA
Growing a strong community behind this is our main focus, we developed this token for 1 month to make it perfect, now we really want to grow it with a strong community

Q2)AJMAL KAMBA

Which one of these aspects is important for you?

1-Increasing Token Price & Value
2-Empowering Platform Development
3-Building Community Trust
4-Expanding Partnership Globally

In what order?

Dominik|EADA
3-Building Community Trust
2-Empowering Platform Development
4-Expanding Partnership Globally
1-Increasing Token Price & Value

Q3)BR KING

Many new projects develop well at first, but then fail to achieve good results.How will you manage and develop your project to gain a position in the market and become a good project in the blockchain industry?

rainhard|EADA
Most importantly for such projects is usually the community.
You can have millions in Marketing, but that wont be worth the same as a really strong community who spreads the word about this awesome token.

Q4)LEO

EarnAda rewards holders by rewarding ADA. Is this ADA rewarded in the ADA Mainnet? if yes, how does the BSC-ADA network switching happens?

rainhard|EADA
Its rewarded as Binance Pegged ADA, so you can use binance to trade it to your Cardano wallet.
We might later make a bridge to the cardano network once there are smart contracts

Q5) Beast Incarnate
Why did you choose ADA as Rewards…??

Dominik|EADA
As big ADA Fans we didn’t have to think long about it. Also it has a huge fan base and of course we see ADA as one of the top smart chains in the near future.

Q6) Malkhachadil
According to the roadmap, what are your most important next priorities? Does your team have enough funds and strong community to achieve those milestones?

rainhard|EADA
Next priorities is to prepare everything to get listed on CMC, like whitelist etc.
We are also working on an audit.
We use a share of the staking tax to pay for marketing costs.
This is really important, as otherwise we would need to sell tokens to pay for marketing