AMA Recap 404 Daily Crypto with Chipshop Finance
Hello 404 Daily Crypto Community
On 6th July 2021, Chipshop Finance conducted an AMA in the 404 Daily Crypto. Our guest is The King, Chipshop Finance Team.
Lots of questions as usual from the Community about Chipshop Finance progress. The Chipshop 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 Chipshop Finance.
Let’s take a look at the most interesting points of our conversation.
📍Session 1 » Project Introduction
Can you introduce yourself and your team please? We want get to know you and your team. What you did before crypto?
The King | Chipshop.Finance: Sure thing! Over in our community they call me King. I’ve been in crypto since early 2017! Long before Defi!
At the Chipshop, we have a team of 5 front end, who look after marketing, AMA’s, TG etc and we have a small team of developers who we hire for specific jobs. We run our project like a business. If youve been in our telegram, you’ll know its a NO FUD zone.
I love algos and the fast moving space because it allows innovation and growth!
Can you briefly introduce CHIPS to our community? And how is the story behind the CHIPS creation?
The King | Chipshop.Finance: Chipshop Finance is an algo stablecoin with a difference. We have $CHIPS tokens and $FISH shares as the main currency of our economy.
Instead of being pegged to 1 USD like most of the other algos, our CHIPS token is pegged to 1 ETH. So our payouts are more lucrative, and we expect the price of ETH to increase over time, so the CHIPS payouts increase too.
What is so exciting about CHIPS, which might make CHIPS different from all other projects out there?
The King | Chipshop.Finance: We are the first, 2nd generation algo stablecoin on BSC. What that means, is that we’ve seen the mistakes or shortcomings of the projects that came before us, and we’ve tried to fix them before they’ve become a problem.
For instance, no other algostable coin has recovered from falling under peg to 0.6. Not only did we do it and recover in one day, we have fallen under and then back above peg, multiple times over the last 7 days, proving that algo stablecoins CAN work and not only that, that you can make money both ways too!
But also our unique mechanism that no other algo project has, is called the ChipSwap. The ChipSwap allows you to swap back your CHIPS rewards, into FISH shares. You can then either sell your FISH rewards to cash out, or COMPOUND the Fish shares in the fryer, to increase your salary, every 6 hours!
Please provide some information about your Roadmap, How CHIPS is progressing so far? And what CHIPS is currently focused on?
The King | Chipshop.Finance: We are nearing EPOCH 100. which is a huge milestone, I cant think of many other algos that got to this stage and we recently came back above peg again today. so the project is super strong.
We’re currently working on some use cases and some upgrades to our system. Our excellent community have put forward some fantastic ideas and we’re looking to see how we can implement them going forward.
We’re also working on major partnerships with other large teams and organisations. We just secured another new partnership today, that hopefully we can announce later this week!
can you name one of your big partners?
The King | Chipshop.Finance: I cannot yet! 🙂 but I hope I can later this week! I dont want to be premature in the annoucement!
Please tell us more about CHIPS token! What utilities does the token have, and what benefits will tokens holders get?
The King | Chipshop.Finance: We are currently working on our first use case, which is an NFT marketplace, where $CHIPS tokens are needed to purchase the NFTs. We’re working with a huge fashion designer and some smaller up and coming artists to launch on our platform.
Over the next few months we plan to release a continuous stream of uses cases for our CHIPS token. Right now it can be used to farm FISH shares in our LP farms, or converted back to FISH shares to compound the money you earn daily!
What are some achievement that CHIPS has achieved so far? And what are CHIPS upcoming plans, Especially in 2021?
The King | Chipshop.Finance: Being over peg for almost 53 EPOCS, then dropping back down and recovering. We’re at EPOCH 93 now and I think 100 will be a huge milestone for us.
I believe we are the first and only algo to fall to 0.66 of our pegged token, and make a full recovery. Not only that, it happened in the same 24 hour period.
Its’ perfect proof that algo systems work and its possible to generate revenue for our investors both ways.
📍Session 2 » Question from Twitter
— Question from Twitter @pitaloka_resa
So what makes your project different from other competitors? I am sure there are quite a lot of DApp that similar to your in the market
The King | Chipshop.Finance: Actually, there arent many algos left. Bdollar, Midas, Bolt, SOUP, Wantan. They all died, But i think we’ve found a fix.
To their efforts, using our Chipswap, and our small supply means we dont fall into the same issues they had. the proof is that project is still running for almost 100 epochs.
The project will just grow and grow here, currently our TVL is almost 600k. BDollar had almost 42 million.
so we have some more growing to do 🙂
— Question from Twitter @ArikDiyas
Recently we’ve looked at a lot of projects that made great startups but suddenly abandoned because they weren’t getting enough revenue. How can we be sure that you will not leave even when your initial income is low?
The King | Chipshop.Finance: I think its an issue of trust, Our TVL went as high as 2.8 million. then down to 300k now back to almost 600k, we’ve spent a lot of time and effort in this project, and we dont plan on going anywhere. Which is another reason we’ve had multiple audits and we’re so active in Telegram with our weekly AMAs.
— Question from Twitter @war_lord16
What are the ways for your project to generate revenue in the long run? What is the progress of business development and what are some of your commercial partnerships?
The King | Chipshop.Finance: We will generate revenue into the project with marketing and partnering. we’ve already partnered with BSC Daily and BSC Army, we’ve a few more to announce and also, there is a big community of Algo lovers on BSC. the longer our project is active, the more people will come for sure.
— Question from Twitter @Alenm333
If really Chipshop Finance is one of the latest algorithm projects on Binance Smart Chain, then why link it directly to ETH on Binance, instead of linking it to BNB? Is it because ETH has a greater tendency to decrease its price so that CHIPS increases?
The King | Chipshop.Finance: Actually we have linked to ETH because we have a strong belief that ETH will rise higher than BNB. Which means if we can keep the peg, your CHIPS tokens also rise in value.
— Question from Twitter @Hotpants_16
What makes Chishop finance different than other Platforms projects? Could you tell us some Extra-ordinary functions & objectives of $CHIPS tokens which attracts more Investors towards $CHIPS token?
The King | Chipshop.Finance: As i’ve said before, we have a couple of unique things other systems dont.
For example, Our unique mechanism that no other algo project has, is called the ChipSwap.
The ChipSwap allows you to swap back your CHIPS rewards, into FISH shares.
You can then either sell your FISH rewards to cash out, or COMPOUND the Fish shares in the fryer, to increase your salary, every 6 hours!
we also have a much smaller supply. For example. yesterday we needed just 5k invested to get back to peg, some other algos need millions of USD.
making it almost impossible
📍 Session 3 » Community Questions (Live AMA)
— Telegram User @jingogas88
Sir How can I buy this tokens? Is it available on any exchange?
The King | Chipshop.Finance: You can buy from 1 inch using this link
— Telegram User @PatriciaLadd
What features/improvements are you planning to add to Chipshop Finance ‘s products/token in the near future?
The King | Chipshop.Finance: We’re currently looking at upgrades we can do based on the fantastic suggestions of our users in our telegram! We want our community to be an active part of this project!
— Telegram User @luckytdl
How can we trust your project?, We don’t know anything about your team members?, Even you don’t have any roadmap or white paper. So it confusing that where you wanted to take this project??
The King | Chipshop.Finance: Everything about this project can be found in detail in our gitbook. https://app.gitbook.com/@chipshop-finance/s/chipshop-finance/
— Telegram User @bestlifest
Security and privacy are the most important issues. Can Your project users be confident about security?
The King | Chipshop.Finance: We already have 1 audit and are currently undergoing another. We are not a farm, so the system is different, which is why we dont suffer endless inflation either
— Telegram User @zukuzain
How important is the community to you? and how can we collaborate or help you for the development of the project?
The King | Chipshop.Finance: We have one of the strongest communities on the BSC. To provide feedback about the system, head over to https://chipshop-finance.nolt.io/
Thank you for answering questions from our Community. Before the end of the AMA, Would you like to give an opinion to our Community?
The King | Chipshop.Finance: Thanks for joining everyone! Lots of ways to make money with the Chipshop! Easiest way is to buy CHIPS here https://app.1inch.io/#/56/swap/BNB/CHIPS
Then LP with BNB/BUSD to start earning FISH shares!
For more information and future AMA, join our Social Media channels:
📍 More information on Chipshop Finance:
❇️ Website: https://chipshop.finance
❇️ Twitter: https://twitter.com/ChipshopFinance
❇️ Telegram: https://t.me/chipshopfinance
❇️ Medium: https://chipshopfinance.medium.com
❇️ WP: https://chipshop-finance.gitbook.io/chipshop-finance/