AMA Recap: CRYPTO MINERS X KINGDEFI
KingDeFi is a multi-chain YIELD AGGREGATOR and DeFi project combining three main areas: analytics, monitoring, earning.
We hosted an AMA session with KingDeFi on 29th October at 5:00 PM UTC.
Mr. Ramsy was the host from Crypto Miners and Sir Dagonet was the guest from KingDeFi. He shared delightful knowledge and unique features of KingDeFi.
Segment 1️⃣: Introduction
Hello everyone 👋 and welcome to the Crypto Miners AMA session with KingDefi
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 Sir Dagonet, Welcome to our community 🤝
Thank you for welcoming me, I'm happy to be here
Gald to see you here
Thanks for bringing Us KingDefi ❤️
I’m pretty sure that our AMA participants are very much excited to learn more about KingDefi, so let’s get started if you’re ready!
I'm ready! Let's get started 👍
Let’s Go with our first question🏍💨
1) Could we maybe start by getting a brief rundown on your project, for those who know next to nothing?
Sure, KingDeFi is a multi-chain DeFi project combining three main areas: analytics, monitoring, earning. Let's go through each service:
Analytics: Where we provide with an overview of most prominent DeFi projects together with unchain metrics and analysis. You can consider it a bit like CoinGecko for DeFi on multi-chain. Also we offer pool search engine and various advanced metrics to help farmers in selecting best in class aggregators and pools.
Monitoring: We are currently in process to develop our own portfolio tracking, similar to yieldwatch but with a more sophisticated analysis, as we bring from traditional portfolio management quite some indicators, the DeFi portfolio tracking in the future will be a very important utility instrument for KingDefi and users.
Earnings and yield optimizing: With the Earnings function, users can earn KROWN tokens by providing liquidity and staking directly on the KingDeFi platform. More importantly we have just finalized our Continuous Compounding Smart Contract and we launched a multi-chain bridge. This means that earning for us is not and will not only be a matter of farming but we expanded our offering by on-boarding additional partners on multiple blockchains and have a long term reward distribution approach overtime.
thank you for sharing this valuable information About KingDefi, Now let's move to our next question
2) I am aware that the KingDefi team has a whole lot of experience in the fields of finance and blockchain. Would you be able to go over a little bit of that experience, and also possibly in what countries is the team based?
The team is split in four regions Italy / Switzerland / Germany / Australia, all the member of the team has on average 6/7 years of professional experience, some coming from top tiers investments banks, tech startups and also some people from research with Ph. D in very technical fields.
Here you can find all details regarding our team: https://kingdefi.io/team
3) In the introduction you talked about a Continuous Compounding Mechanism, can you give us more details on this?
Our technology automatically compounds user's rewards within third-party LPs at optimal times to earn the highest returns. We've specially engineered the smart contract so that everyone's rewards compound each time there is some user interaction with the contract. For those wondering what entails a user interaction, depositing, withdrawing and harvesting are all user interactions which will trigger a compound event. More times you compound, the higher the APY.
In the current DeFi landscape there are still a lot of projects working with manual compounding farms, or in alternative compounding with bots on daily basis.
From a mathematical prospective all those farms are inefficient when compared to KingDeFi's compounding model.
Let's take CAKE for example: if you hold CAKE, you can manually compound them, but it's a time-consuming operation. Pancakeswap also offers an auto-compounding option, but it's less efficient than our technology.
To make a quick comparison with current APYs.
🐰 73.73% APY on PancakeSwap on which you need to add 2% performance fees
🎓 74.15% APY competitors
👑 74.65% APY only on kingdefi.io
4) Can you tell us more about all the functions of your auto-compounding offering?
1. Continuous compounding: each contract interaction boosts compounding APY performance producing higher APY for investors;
2. Users are able to stake different tokens than KROWN and get rewarded with the respective LP, single tokens, or BUSD;
3. Investors will be able to boost KROWN price converting the whole (or a part of) LP into KROWN. An automated swap from LP to KROWN will be performed by the contract and KROWN will be deposited into the wallet.
We also have a BuyBack & Burn functionality: As mentioned continuous compounding contract allows to increase performances, 2% of it is then allocated automatically to buyback and burn KROWN. This methodology will help to manage inflation.
We have simplified the process of investing in LPs by giving everyone the option of depositing (and later withdrawing) directly with BUSD. Our technology will take care of all the necessary swaps and the LP deposit. Ours is a one-click solution! Simply hold BUSD stablecoin in your wallet, and invest directly in the LP of your choice. As if this were not enough, your investment will be continuously compounded.
Finally it's important to say that we opted for a lower fee model than our competitors: (Deposit fee: 0%, Withdrawal fee: 0.05%)
Wow 0% Deposit fee, impressive👏
Now moving to our last question of this segment..
5) What about security?
We have various audit firms which we work with, some of them are the most known on DeFi landscape such as Certik and Hacken. We audit each single contract which we issue, all of the audit reports are available on our website. As you can understand security is our top priority and we like to be always extremely transparent with our community regarding all audit results.
Thanks for that well detailed introduction about KingDefi🤝
That wraps up the first part of the AMA session✅
Let’s now proceed to the Twitter Questions section,
I hope you’re ready for that!
Let’s do it! I’m ready
Segment 2️⃣: Twitter Questions
Q1) Do you have any plans to buyback $KROWN?
Here's our first one from Twitter.
Yes, we have already implemented a buyback and burn system within our continuous compounding smart contract. We've specially engineered it so that everyone's rewards compound each time there is a user interaction, like mentioned earlier, this increases the APY performance of each vault operating under this contract. 2% of the performance that is generated by the continuous compounding is allocated to the buyback and burn KROWN mechanism. We also have put the related buyback and burn statistics in our UI which you can find on our farms page.
Q2) What would you recommend doing if this was my first time using the KingDefi platform?
If you are a new user coming to KingDeFi I would highly recommend to check out the APY's on our farms page, we have single-asset continuous-compounding vaults for popular tokens and stable pairs that are easy to deposit into so you can start earning right away! If you are new to DeFi and you need to create an LP, you can do this automatically on the KingDeFi platform, no need to go to PancakeSwap or other DEXes, our smart contract automatically creates the LP for you; Also the yields are high and the fee's are minimal since our continuous-compounding contract is efficient.
Q3)What would you say are important milestones on your roadmap?
Here's the last question of this segment:)
Our most important upcoming priorities on the roadmap is the expansion to multiple chains. We have built a foundation on the Binance Smart Chain and have expanded to the Polygon chain as well. We look forward to creating farms and expanding our kingdom to AVAX and Solana which will open more opportunities for our project. In the further future we will continue expanding to other chains and you can see what we have planned on our roadmap here https://kingdefi.io/roadmap
Thanks Your Valuable Answers,❣
And that's enough for our twitter question segment
Moving on to our last segment - Live Q&A
Shall we go?
Haha , So let’s 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)In how many countries KingDefi services are available, are you planing on expanding your project to other countries? Which countries are on your target list? What hurdles do you face when expanding your project?
KingDeFi’s kingdom is open to everyone! We are slowly expanding into other regions and opening up communities where users can communicate in their language. We would like to eventually translate our educational content to other languages so everyone can understand DeFi. Currently these are our regional communities:
🇨🇳 China: https://t.me/kingdeficn
🇯🇵 Japan: https://t.me/kingdefijp
🇻🇳 Vietnam: https://t.me/kingdefivn
🇹🇭 Thailand: https://t.me/KingDefiTh
🇨🇿 Czech: https://t.me/kingdefiSKSI
🇹🇷 Turkey: https://t.me/KingDeFi_TR
🇮🇩 Indonesia: https://t.me/kingdefiindo
🇪🇸 Spain: https://t.me/kingdefihispano
2) What Really Motivated You to create KingDefi Project?
The team started KingDeFi with the intention of guiding and educating users that are new to DeFi and giving them a place to optimize their yields without having to roam the entire ecosystem. We educate users already by creating original content on our medium which you can find here: https://medium.com/kingdefi and we plan to continue educating users through documents and analytics.
*This segment ends here*
Thankyou so much For your valuable answers and information about KingDefi,
It Was Pleasure Hosting An Ama With You.
Is there anything else you would like to share or you want us to know ?
Thank you for hosting me
Please join our community, we would love to answer more of your questions and don’t forget to visit our platform kingdefi.io and stake your tokens for high APY returns!
Once Again Thank you so much for spending time with our community & Wish all the very best for "KingDefi" 🚀🚀
Community, if you would like to learn more about KingDefi, here are some useful links for you:
Twitter : https://twitter.com/KingDefi2