AMA Recap: CRYPTO MINERS X HOTPOT FINANCE

Hotpot Finance aims to combine the best of all DeFi features, and cook up something every yield farmer would be proud of being in. Basically, we’re a mix of all the best features DeFi has to offer. They want to have the biggest treasury backed token on the Binance Smart Chain network, which then gives a chance to provide a more secure and sustainable yield farming protocol.

We hosted an AMA session with HotPot Finance on 15th December at 10:00 AM UTC.

Mr. Ramsy was the host from Crypto Miners and HotPot Finance team was our guest. They shared delightful knowledge and unique features of HotPot Finance.

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Segment 1️⃣: Introduction

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Ramsy:
Hello everyone 👋 and welcome to the Crypto Miners AMA session With Hotpot Finance

Thank you all for joining us today❣

To help us learn more about the featured project of this AMA session, we are lucky to be joined By BscSaviour, Welcome to our community 🤝

OxBscSaviour:
Sup sers! Keen to be part of this community here. Looks lit 🔥

Ramsy:
Hello There 👋

Glad to see you here
Thanks for bringing Us Hotpot Finance❣

OxBscSaviour:
Glad to see you here too. Let's get this AMA started 💪🏽

Ramsy:
I'm pretty sure that our AMA participants are very much excited to learn more about Hotpot Finance, so let's get started 🚀🚀

Q1) Can you give a brief explanation about 'Hotpot Finance' .What popped up in your mind to create such a platform in This Space?

Here's our first question from this segment:)

OxBscSaviour:
Hotpot Finance is the only yield farm that’s aiming to conduct a vampire attack and create the BIGGEST treasury-backed token on the Binance Smart Chain network. This allows us to create a more secure and sustainable yield farming protocol.

The reason I’m creating Hotpot Finance is because I noticed that as many OHM forks are popping out now, many of them are inherently unsustainable. Ponzinomics only work to some extent and the only people that end up winning are the early bag holders.

I’ve done some yield farming myself before and decided, why not combine the best of what Defi 1.0 and Defi 2.0 has to offer and make some changes to make it more sustainable.

Ramsy:
Thanks savior for this brief start about Hotpot Finance 🥂

Now let's see our second question from this segment...

Q2) So what are your main features and advantages that discern you from other projects?

OxBscSaviour:
There are three parts:

Firstly, the APR Reset concept. This concept was pioneered by Swift Finance.

Every yield farm's source of revenue comes from deposit fees. However, once a farmer has deposited into the farm, the project will no longer collect any new deposit fees, so most projects no matter how big or small will have the following problem of a big pump & dump.

Swift Finance solved this by having an "APR Reset", which allows the project to collect fresh deposit fees every week, by forcing farmers to deposit once again. This also benefits farmers because even if you are late to the project you will still be able to wait until the weekly APR reset before joining in for fresh new APR's at around millions of percentages.

Secondly, because the project is able to collect deposit fees every week, we are then able to share these fees with our $MEAT investors, where investors can burn $MEAT and earn BUSD! This will create deflationary pressure while also retaining demand for $MEAT, talk about rock-solid tokenomics!

Thirdly, we will also be using a portion of the fees to support our bonding mechanism, pioneered by OHM.

However we are taking it a step further, instead of exchanging native $MEAT LP tokens for $MEAT, we will also support exchanging non-native $WBNB LP tokens for more $WBNB at a discount.

We will continue to do this every week with fresh deposits which allows us to conduct a vampire attack on $WBNB LP holders into giving us their LP tokens, allowing us to collect a higher % of the LP trading fees, which will build our treasury every week and to back the $MEAT token, for our investors!

Ramsy:
Moving on...

Q3) How has the experience and background of your team been effective in the success of your project so far?

OxBscSaviour:
Right now, I’m a one-man team. I might be bringing 1-2 people on board to really bring Hotpot Finance to the next level. Personally, I’ve done some yield farming on numerous chains so I know what works and doesn’t and what can be done better.

I also have coding and marketing/copywriting experience so in terms of experience, I’m pretty much a jack of all trades.

Quick advice, keep an eye out for Hotpot Finance 😉

Ramsy:
Impressive 👀

OxBscSaviour:
Yeappp 😎😁

Let's move on to the next question 😁

Ramsy:
4) Now Share us about your Native token, What are the some of utlities of $MEAT Token in Your Ecosystem? And if possible share to us the Tokenomics

OxBscSaviour:
Alright here goes.

Our ILO will be happening on 20th December 2 P.M. UTC which will last for 12 hours.

Immediately after that, our Burn Pots will go LIVE where you can stake + burn $MEAT and earn BUSD. Yes, you can earn stables when you burn our $MEAT token.

This will create deflationary pressure while also retaining demand for $MEAT, talk about rock-solid tokenomics!

Thirdly, we will also be using a portion of the fees to support our bonding mechanism, pioneered by Ohm.

However we are taking it a step further, instead of exchanging native $MEAT LP tokens for $MEAT, we will also support exchanging non-native $WBNB LP tokens for more $WBNB at a discount.

We will continue to do this every week with fresh deposits which allows us to conduct a vampire attack on $WBNB LP holders into giving us their LP tokens, allowing us to collect a higher % of the LP trading fees, which will build our treasury every week and to back the $MEAT token, for our investors!

Here’s our tokenomics.

We will have an infinite supply, HOWEVER we have multiple burning mechanisms that will effectively combat this.

Initial Mint: 20,000 to be given to the ILO contract where:

📌 10,000 to be used for public sale
📌 10,000 to be transferred to PancakeSwap to be used for initial liquidity after public sale is over
Price per MEAT during ILO: $15
Emission Rate: 0.28 $MEAT per block

Regarding our emission rates, from time to time, we will be increasing the base emissions of the $MEAT token depending on the situation (major drop in price, increasing APRs to attract more users).

We understand that doing so will lead to more inflation and so, when the occasion ever happens we will be introducing and/or ramping up our burning mechanisms to combat this.

Ramsy:
Alright, Now let's see our last question from this segment...

5) So how long did it take to develop this project? What plans do you have for the future? And what can we expect from Hotpot Finance? If possible could you please share road map with us.

OxBscSaviour:
It took about a week for the contracts as I could copy the existing contracts and just make some modifications to what I need.

The UI took a little longer like a couple weeks as I had to clone PancakeSwap and modify it to look similar to Swift's UI.

Next message is for what you can expect from Hotpot Finance. Give me a while 😁

Here is what our roadmap is like.

📌We will be having our Initial Liquidity Offering (ILO) on 20th December. You can join my TG group to ask more questions relating to it.

📌Our ILO will last for 12 hours, after which our Burn Pots will be available for you to stake + burn your $MEAT tokens and earn BUSD.

📌 Farming rewards will then go LIVE on 22nd December 2 P.M. UTC. Stay tuned for this!

📌 Our Bonding Mechanism (similar to OHM) will then go LIVE on 23rd December.

All lined up to give you the yields you’re looking for this Christmas season 😁 Santa came early this year 😉🎉

For future plans, we will be having constant giveaways and weekly townhall sessions to gather feedback from the community.

We will also be reaching out to more influencers, media publications, YouTube channels, AMAs, and more to further spread the word about Hotpot Finance.

This is just the beginning for Hotpot Finance 🕺🏽

Ramsy:
Thanks for that well detailed introduction about Hotpot Finance:)

That's the wrap up of our the first part of the AMA session ✅

Let’s now proceed to the Twitter Questions section

I hope you’re ready for that!!

OxBscSaviour:
Yeap, I'm ready 💪🏽

Ramsy:
So here's our first question from twitter...

Segment 2️⃣: Twitter Questions

1) So yours $MEAT token has no maximum supply. Why is your token does not have a max/cap supply? Can you elaborate the TGE? What is your plan to get the coin stablity and growth without a fixed maximum supply?

OxBscSaviour:
We decided not to have a maximum supply as typically, this would lead to concerns later on when the maximum supply is close to being reached.

Most farms would either die or move to layered farming, which is not sustainable.

We decided to instead go for an infinite supply and have multiple burning mechanisms such as our Burn Pots and harvest fee (which burns a high percentage of rewards if harvesting is done too frequently) to keep the price stability of $MEAT strong and growing.

We will introduce more burning mechanisms and even welcome suggestions from the community for this 💪🏽
90% of emissions will be going to farmers, 10% of the tokens emitted will be going to the devs which will be used partnerships, listings, and such.

We do not have external investors or VCs backing this project.

Ramsy:
2) Hotpot is a sophisticated platform with various implementations. Among them one is APR Reset Concept & Burns Pools.This is true that farmers are not so eager about their weekly deposit fees. Thus Projects suffer from big dump and pump. So How APR Concept will help this issue out?

OxBscSaviour:
I've personally seen how the APR Reset works on Swift Finance and to some extent, it does work but not by its own if you want it to last for the long term.

We're planning to combine bonding, APR Reset, and proper burning mechanisms to combat a potential pump and dump.

The deposit fees from the APR Reset actually helps prevent the pump and dump as it will be used to replenish rewards in the Burn Pots (stake and burn MEAT to earn BUSD) and allow us to do more marketing to attract investors which will then keep the price of MEAT stable and growing.

Ramsy:
3) In imitation of Hotpot's statement, You will be implementing The OHM Bonding mechanism. What types of mechanism is it? Why have you implemented this Bonding? Is it for promoting the health of the $MEAT token?

OxBscSaviour:
Yes, this is to promote the health of the $MEAT token. Here's how and why.

We will also be using a portion of the deposit fees from our weekly APR Resets to support our bonding mechanism, pioneered by OlympusDAO (OHM).

However we are taking it a step further.

Instead of exchanging native $MEAT LP tokens for $MEAT, we will also support exchanging non-native $WBNB LP tokens for more $WBNB at a discount.

We will continue to do this every week with fresh deposits which allows us to conduct a vampire attack on $WBNB LP holders into giving us their LP tokens, allowing us to collect a higher % of the LP trading fees, which will build our treasury every week and to back the $MEAT token, for our investors!

This is important, especially when you can see what happened to Wonderland Time's treasury when they overly relied on their native LP tokens. We want to avoid that scenario and create a yield farm protocol you can ape in peace, especially during this rocky market conditions.

Ramsy:
4) One of the main features of Hotpot Finance is its "Bonding Mechanism" which the project was inspired from OHM's. Did you add more feature on your bonding mechanism when compared to OHM's bonding mechanism? Would you please discuss to us what makes your bonding mechanism special?

OxBscSaviour:
Yes, we slightly tweaked our bonding mechanism to make it more sustainable compared to OHM and the OHM forks right now.

As mentioned above, instead of exchanging native $MEAT LP tokens for $MEAT, we will also support exchanging non-native $WBNB LP tokens for more $WBNB at a discount.

We will use the weekly deposit fees from the APR Reset to conduct a vampire attack on $WBNB LP holders into giving us their LP tokens, allowing us to collect a higher % of the LP trading fees, which will build our treasury every week and to back the $MEAT token.

Ramsy:
Now let's hear our last question from twitter...

5) Talking about the security, As we know Nobody can guarantee the security of Smart contract. But Audit play an important role in finding out the known bugs of smart contract. Can you tell us how strong your security system? Have you done an audit by any third party before?

OxBscSaviour:
We've forked our contracts from the protocols that we're modelling our features on, which are OlympusDAO, DinoSwap, and Swift Finance. All have been proven to be safe on the contract side.

To tackle this, we are in the middle of applying for RugDoc KYC and am planning to reach out to Paladin for an audit some time after our farming rewards launch/bonding mechanism launch.

Ramsy:
Thanks for Your Valuable Answers:)
And that's the end of our twitter question segment

Moving on to our last segment - Live Q&A

Shall we go Saviour?

OxBscSaviour:
Sure I'm ready 🤩

Ramsy:
Here we go,

Segment 3️⃣: Live QnA
(In this segment group was opened for 60 seconds and Miners sent hundreds of questions. Guest choose some best to answer)

1)How did you get the community involved in developing the project? and how do you build a strong community to grow globally?

OxBscSaviour:
We will be having weekly townhall sessions where you can ask questions and give suggestions to help us further grow the farm to be the BIGGEST treasury-backed token on the Binance Smart Chain network

To build the community, we will be reaching out to influencers, media publications, YouTube channels, and more AMAs as well as having REGULAR giveaways

2) Your project name seems to be very interesting. Does it have any story behind it? Can you share us with the inspiron for approaching to this name?

OxBscSaviour:
Yes, we named the farm Hotpot Finance as we are a mix of the best of what DeFi has to offer: Bonding Mechanism from OlympusDAO, Extinction Pools from DinoSwap, and APR Reset from Swift Finance

The APR Reset feature allows us to collect deposit fees weekly to replenish rewards for our Burn Pots, giving more value to our $MEAT token as well as managing the increasing supply

The bonding mechanism allows us to create the biggest treasury-backed token on the BSC network and increases the health of the token price and stability

The Burn Pots provide more utility to the $MEAT token and ensures long-term holding from investors

3) IS This Your project only for elite investors, how about others with small funds, is it open to everyone?

OxBscSaviour:
No, this project is not for elite investors only

The reason we're having the ILO is because we want everyone to have a fair chance of purchasing the $MEAT token as the price is fixed at $15

We do not have backing from external investors, VCs or anybody. This whole yield farm will only be backed by the community, which means we only answer to the community

4) How important is the COMMUNITY to you? and how can we collaborate or help you for the development of the project?i

OxBscSaviour:
You can support us by joining our socials.
You can then purchase $MEAT during our ILO on 20th December through this link: https://hotpot.farm/ilo and actively be part of our many features on Hotpot Finance like our Burn Pots, APR Resets, and Bonding Mechanism

Share about Hotpot Finance with everyone using our referral system here: https://hotpot.farm/referrals

We’ll be having a cool viral video campaign coming soon and a GIVEAWAY so look out for our updates 🤩🤩🤩

*This segment ends here*

Ramsy:
Thankyou so much For your valuable answers and information about Hotpot Finance,
It Was Pleasure Hosting An Ama With You:)

Is there anything else you would like to share or you want us to know ?

OxBscSaviour:
It was a pleasure being part of this AMA as well. Hope to see many of you at our ILO 😉😉😉

Ramsy:
Time To Conclude Our AMA Section

OxBscSaviour:
Join us in our ILO where you can purchase MEAT at a fixed price. No VCs, no private investors ❌❌❌

Thanks Ramsy😄

Ramsy:
Onec again Thank you so much for spending time with our community & all the very best for Hotpot Finance 🥂

Community, if you would like to learn more about Hotpot Finance, here are some useful links for you:

Telagram: https://t.me/hotpotfinanceofficial

Twitter : https://twitter.com/Hotpot_FinOff

Website: https://hotpot.farm/

Discord: https://discord.com/invite/mvGBQK5vTt

Medium: Hotpot Finance