Recap 404 Daily Crypto AMA with Pyhto Finance
Hello 404 Daily Crypto Community
On 26th April 2021, Pytho Finance conducted an AMA in the 404 Daily Crypto. Our guest is Pytho Finance Team.
Lots of questions as usual from the Community about Pytho Finance progress. Pytho Finance team took part in a very interesting AMA session which included Project introduction, Questions from Twitter and a live AMA session with the 404 Daily Crypto community. If you missed the AMA in person, read this recap for a deeper insight into Pytho Finance .
Let’s take a look at the most interesting points of our conversation
Session 1 » Project Introduction
Before proceeding to segment 1, please introduce yourself to our chat.
Sure! I’m the main dev and co-founder of PHYTO finance, a brand new AMM on BSC.
We want to build a 360° DeFi suite based on gamification and NFTs! The main team is composed by me and @Scott_910 (a strategy designer), plus many other external collaborators!
Q1. Can you briefly introduce Phyto Finance to our community? And how is the story behind the Phyto Finance creation?
We’re building a suite that brings quality to BSC. PHYTO aims to implement several new products (NFT marketplace, competitions, gambling, launchpad and so on) to the market. We started as a plain AMM that wanted to tackle the countless rug pulls and shady projects on the BSC. That in less than a month evolved in a feature-rich DeFi incubator.
Q2. What is so exciting about Phyto Finance, which might make Phyto Finance different from all other projects out there?
As I said, when PHYTO launched, several AMMs around were flaunting million percent APRs that were hard-coded in and put a lot of buying pressure on users.
We’ve started with clear numbers since day one; we offer no-fee PHY farms and a PHY staking pool.
We’re trying to build a central experience for PHYTO users to be engaged by always growing gaming and gambling dynamics, NFTs will play a crucial role in this by enabling more complex stats and interactions!
Q3. Please provide some information about your Roadmap, How Phyto Finance is progressing so far? And what Phyto Finance is currently focused on?
Our roadmap for the year 2021 is full of products, have a look here if you haven’t already! The vision for PHYTO in the long term is to offer a complete ecosystem of DeFi products enhanced by hybrid and interacting dynamics all packed in one suite.
For now, through Q2, we’re focusing on creating the appropriate infrastructure to enable people and other projects to use NFTs. Therefore, by the end of this month, we plan to release an integrated NFTs Marketplace.
In Q3 2021, once the NFT infrastructure is enabled, the second step will be to create real use cases for NFTs and enhance the existing dynamics through gamification dynamics.
Finally, through Q4 2021, we plan to integrate specific protocols to enable new projects to be born, grow and use part of our infrastructure.
Q4. Please tell us more about $PHY token! What utilities does the token have, and what benefits will tokens holders get?
$PHY is an inflationary token. Actually we are working on creating a hybrid frictionless system for interaction with internal platform contracts.
Of course, $PHY is a community token, too! We truly believe that all the people who enter now have the advantages to become active members and build together with us what PHYTO will be in the future. (Not to mention all the well-known benefits of being among the first!)
As you can see our roadmap is full of upcoming products 😉
Regarding tokenomics:
Max supply: unlimited
Emission rate: 1$PHY/block / 28,800 $PHY/day
Team share: 10% of daily emission
You can see how we use the team share and our burning mechanism here:
However, some of these factors will be changed as they will be greatly improved!
Q5. Security is a priority for users. How secure is Phyto Finance?
Pretty secure! Well, of course, for starters, we have given up ownership of the PHY token and transferred it to the Nutritionist (our improved Masterchef).
This, in turn, is governed by a 6-hour timelock, which will increase to 12 in the coming weeks. Plus all liquidity is locked in the farms!
None of the team members can have any say in your funds and how they’re spent or managed.
We’ve also invested effort since the start to communicate constantly how to DYOR projects and make sure to read contracts contents and terms.
Our users are informed daily about breaking changes and platform decisions, which are all communicated through thorough articles, on-site announcements, and community posts. We’re committed to transparency 😉
We’ve been also recently audited by TechRate for all our contracts! You can find the full audit here. We passed with flying colors 🙂 no vulnerabilities found.
Session 2 » Question from Twitter
Q1. From @Plevnes
Could you explain for us what gamification means exactly and why $PHY will focus on this part?
Of course! Gamification is the strategic attempt to enhance systems and services in order to create similar experiences to those felt when playing games, in order to motivate and engage users.
This way our members can engage in new DeFi products as they were enjoying a game of connect four. 🎰
Q2. From @BENSTOCk23
Will there be a need for more team members and ambassadors? And what ways can token holders earn? Are there any staking program?
Currently token holders can earn through farming or staking in pools.
Very soon there will be the possibility to earn and win PHY and NFTs in our lottery and gambling products, and of course the chance to refer friends to our referral program, which will give you the possibility to earn a percentage of what the users you referred are farming!
Q3. From: @SakibAh22256343
What are the usecases and utilities of your token? will there be farming staking options too available in the future? What more can we do like participating in DAO?
We’re headed for an organic integration of all PHYTO products in the near future. These products will be working together in an ecosystem where members can earn by participating in games and events, powered by NFT dynamics!
Q4. From @VNur7238
As a community based project, how can I donate my quota for your success? Do you have a Global Ambassador Program or a Referral Rewards System?
We’re implementing a referral system based on a very simple dynamic, any user who invites friends will be entitled to an extra percentage of their daily earning from farming.
The amount earned will be proportional to the performance of the invited friend. This will not only promote the adoption of the platform, but will also allow us to offer new products based on the efficiency of each member by creating rankings, tournaments and prizes for the best users!
This is yet another element that will be added to the gamification and that will also allow PHYTO to be more social, as it will allow a collaboration network of friends.
Q5. From @Moon58004
Regarding the gradual heating up of the bullish market, And the NFT market is becoming more and more popular. According to Phyto Finance, What are the scenarios where NFT and DeFi can be combined?
In PHYTO, NFTs will be at the center of our gamification system. they’ll be the glue between all PHYTO products. They’ll enhance user performance, token stats and earning dynamics.
Most of all, they’ll enable additional PHYTO products! Aside from of course well established platforms, we believe BSC hasn’t seen the best of either AMMs or yield farms just yet.
We’re trying to kickstart the next generation of AMM suites and give users the possibility to get in way early.
Session 3 » Community Questions (Live AMA)
From username @howeamelia
Is there any plan to better connect with the community? Just like the social media type system, where can people share ideas and suggestions? Because we know the power of the community to easily create famous projects?
Great question! One of our biggest efforts for Q3 2021 will be to implement a full-fledged social hub on PHYTO finance, so the community will be able to have a social tool to interact with.
Of course! We’re soon putting up our code for bounty programs on platforms like GitCoin and such, so you can help us better the platform with total transparency :)
From username @Dogleae
Could you please leave a little review of the Personal Profile Interface?
For now the Profile focuses on your farming performance, there’s an LP calculator, PHY and LP stats, and earnings rundowns. Very soon we’re evolving this section to a complete social and functional dashboard.
Moises username @Uamos
Is the referral program fully transparent? How will you avoid abusers of these programs through self-referral? Is there an IP control?
Good question! The referral program will be put in place through a smart contract that will check for wallet details and bypass duplicates and self-referrers. We never log or collect any user IP or data, instead we’re making all the right checks through contracts.
From Username @Demvrick
Do you have any Coin Burn / BuyBack systems or any Token Burn plans to increase the value of Token & attract Investors to invest?
We currently burn a fixed PHY sum daily. Soon our lottery and gambling products will be released, which will help burning even more PHY! With the advent of new contracts for our AMM and exchange, we’re improving our burning mechanism even more pretty soon.
Is there a closing word from you before we end this AMA? also feel free to share any important links about Phyto Finance.
Thanks for this AMA, and thanks to the users for great questions! We look forward to building a community made of people who ask the right questions 😉 don’t forget to find us on our channels! We’re launching lottery and gambling on 30th April!
🌐 Website:https://www.phyto.finance/
🐦 Twitter: https://twitter.com/phytofinance
✈️ Telegram: https://t.me/phytofinance
📰 Channel: https://t.me/phytonews
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