AMA Recap 404 Daily Crypto with Donk Finance
Hello 404 Daily Crypto Community
On 23 April 2021, Donk Finance conducted an AMA in the 404 Daily Crypto. Our guest is Donk Finance Team.
Lots of questions as usual from the Community about Donk Finance progress. The Donk 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 Donk 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, and how you got into crypto?
V P | Donk Finance team: Sure thing. I am Chrinee16 aka VP the Director of Finance and Community Outreach. I work in the Telecom industry. Being in finance I am well aware of the impact of crypto on the open market, not to mention who big players are. Meme coins have the power to bring even more people into the market. Some people just focus on Bitcoin, we are here to show that Meme coins can do much more than be a joke. It can be a life changing, career changing opportunity for anyone who wants to be involved. We also want to help others through our efforts, as we believe in giving back to the needy !
Denver| Donk Finance team: I go by Denver. I am the Director of Development & Design with DONK. By profession I am a software engineer. I started my journey with crypto when I was in high school (around 2013) with Bitcoin and have stuck around since. I also dabbled a lot with mining smaller cryptocurrencies at that time such as Litecoin and Dogecoin up until ASIC miners took over and made it impossible to mine those smaller crypto currencies with a regular computer. In recent years I have gotten more interested in other cryptocurrencies and blockchains. I have been very active in the DeFi scene as of late because I believe this is the future of financial world.
Can you briefly describe what is DonkFinance project? We would like to know more about it and how it works.
V P | Donk Finance team: Sure, I can take that one. There are so many rugs out there, almost everyone has been burned on their investment and have lost their hard earned money. We wanted to create a safe environment for everyone to invest in.
One of our primary goals is to help others. The world has not been the same since March 2020, this pandemic has impacted every living being on the earth, most in a negative way. Jobs are hard to come by, people’s mental and physical health are at risk. We want to provide help through donations and community outreach.
The more successful Donkey King is, the more job opportunities there will be to members of our community. We cannot do this alone, we will need help along the way. Enabling the success of our Team members and community is very important to us.
What is the special of $DONK platform compare to the other platform? And how the system works?
Denver| Donk Finance team: With DONK we aim to provide our users full safety and protection against rug pulls and scams. When our platform launches, we only plan on adding tokens and projects to the platform that are fully audited and well vetted by our team and other notable auditors in the industry.
We have more details coming out on the platform soon. There are still a few details left to be finalized, then we will make an announcement to the community. So stay tuned!
Most of investor just focus on the price of token in short term instead of real value of project. Can you tell us the motivation and benefits for investors to long term?
V P | Donk Finance team: We are currently doing research on defi apps and a swap exchange is being discussed with many developers. We Are looking for ideas on how we can make a difference with the blockchain technology. Expanding into NFTs is also in consideration.
This is our long term plan, key word being Long, as these things take careful planning and execution. We don’t want to waste capital or time! In the end, we want to bring actual use cases for our investors. Donkey King is our start to a better future.
Can you give an overview of $DONK Token tokenomics? Will the design of the token rise and fall with the success of the platform,does it include any scarce paths,such as equity, storage or burning?
Denver| Donk Finance team: We currently have 400 trillion tokens in circulation (600 trillion have been burned). By design, the holders of our token are rewarded based on the proportions of their holdings every time a transaction occurs on the network, making it very lucrative to hold the token. A set percent of every transaction also goes towards the liquidity pool.
Our token is also deflationary by nature because burns take place with every transaction due to two of the largest holders being a burn address and a non-reversible smart contract.
In short, here’s how our tokenomics look like.
- Total supply: 1 quadrillion
- Burned: 600: Trillion
- Transaction tax: 3% distributed to holders (of which over 40% is sent to the burn address, and 60% distributed to holders) and 2% of every transaction goes to the liquidity pool.
- In circulation: 400 Trillion (expected to get lower over time as more and more coin is burned)
I feel that the utility of the token will rise with the release of the platform, making the token worth even more once the platform launches. But then again we cannot predict that because the price of the token is not tied to the project directly. We can only work towards it and hope for the best.
What are profitable / revenue-generating ways to sustain your project and what is its revenue model? How can it be mutually beneficial for both the investor and your project?
V P | Donk Finance team: We have big plans for DONK!!! We don’t want this to be a regular coin. We want to evolve this into a brand ourselves and not just hope to get lucky via Elon Musk’s tweet. although we certainly try hahaha
We need our community to be our first line of channel marketing. Spreading awareness of our purpose. This will enable us to create strong business partnerships around the world.
We are currently engaged in discussions with some large Enterprise businesses in North America (cannot say who unfortunately), and will build on this momentum to start expanding into Europe, Asia and Africa..
WHAT IS OUR END GAME????? To enable the DONK community to use our coin freely in the crypto and NFT markets.
📍Session 2 » Question from Twitter
— Question from Twitter @Ambisttt
Tell us some info about your security? Have you done some audits of the platform? Are the smart contracts error-free? What are the test results?
V P | Donk Finance team: We have already submitted our contracts to solidarity finance for auditing. we are expecting the results today, we were hoping to get the results to share now. but we believe there will be no red flags..unlike some of the other coins out there. oh I just got word..literally we just got the results.
We have also been “ok’d” by War on Rugs, so we are quite secure
Denver| Donk Finance team: We went with Solidity Finance because they’re a big name in the industry. Here’s our audit results: https://solidity.finance/audits/DONK/
— Question from Twitter @LamaAsu1
Right now issuing a token is a rather simple process. However, building the system and ecosystem is the most difficult part. My question is, How will the demand of the token will increase and how will this token use within the ecosystem?
V P | Donk Finance team: We are discussing how we can build an ecosystem around donk. We’ve been in contact with a number of developers for DonkSwap and another ideas (have to keep this one private as it’s really exciting).
We have received a couple RFP’s back, but are waiting for more responses. We want a developer that can distinguish themselves from others, as that is what DONK strives for. Of course the more valuable DONK is the more we can do, and faster we can do it!
— Question from Twitter @Sadamwidarmanto
What do you have about incorporating nfts into your ecosystem as it one of the main topics trending this crypto space for a while now.
Would you like to join the trend?
V P | Donk Finance team: We are aware of the importance of distinguishing ourselves from other coins out there, however we are only 5 days old. We have had preliminary internal discussions on going down the path of DEP Token and PlayMining platforms, and that is one of our items on our ever changing priority list.
We are not only open to this platform but others as well and will eventually be looking for input from our community on this as we want DONK to be valuable to them.
Denver| Donk Finance team: We are trend setters, not trend joiners :P But yeah, we do have some plans around NFTs. As V P mentioned
— Question from Twitter @Niqabna
What is the most ambitious goal of the project? I would appreciate it if you could share with us any upcoming updates? What should the community look for?
Denver| Donk Finance team: We do have some plans around DONK Swap platform. We have a couple more ambitious projects lined up too, but we’ll keep those for sometime in future. DonkSwap will be a swap platform, but we will be looking to add our own touches to the platform. We have some conversations going on around how we could make the platform more secure to the users than the likes of PancakeSwap/SushiSwap
we also periodically have some contests and giveaways in our telegram chat. Earlier this week, we had a social media contest. Please join our chat if you’d like to join any future contests and earn some BNB/DONK
— Question from Twitter @Oneplus1578
It is unfortunate that some projects remain half way because their developers abandon the concept because they cannot achieve the desired capitalization in the long term; how do you plan to make this project sustainable for its development?
V P | Donk Finance team: We as developers intend to and have the firm intention of dedicating ourselves to this project long term to fully benefit investors and achieve our goals.
DONK has changed our lives, as we have dedicated all of our spare time to this project, as well as sleep time and family time. None of us have worked this hard before
Our wallet is locked for 3 years, with minimal unlocking for charity and procurement/implementation of services.
Also in the near future we may decide on using community mods to help us as they understand what the community really wants and we as DONK ambassadors just want to give the community what they deserve. We are in this for the long haul!
Denver| Donk Finance team: I will add onto that. We have kept a small percent of tokens locked up for development and marketing purposes for the exact same reason.
We plan to use those tokens to:
• market the project and our future platforms
• develop platforms around the token
• make charity donations
📍 Session 3 » Community Questions (Live AMA)
Telegram User: Transparency is the key. Tell us describely about your team members. How many team members do you have and how many developers are working for you?
V P | Donk Finance team: Yes, we believe in transparency. As mentioned we want this to be coin people can trust. We already made our introductions off the top. There are 4 of us, each with unique skills and experience. As we move forward with our plans there will be opportunity to expand our DDT (Donk Development Team). We are currently working with development partners figuring out which ones make sense but we are open to others as well. if you want to know more about me, you can always DM me more specific questions
Telegram User: While you build your project.. do you take into account community feedbacks and demands?What’s role play community on Your project?
Denver| Donk Finance team: Community plays a huge role in our project. Matter of fact most of the plans that we are building around were suggested by the community at some point or another. We wanna take community inputs in everything that we do. Any big decisions to be made, we will do a community poll and go the way that our community wishes for us to go with.
Telegram User: Most projects have to go through certain difficulties and challenges, what difficulties do you face and how do you overcome them?
V P | Donk Finance team: right now our main challenge is the market, as mentioned before many of our plans can be costly. We need our DONK to thrive, we have marketing planned to help with that, but we need community involvement across all platforms. We would also be open to captial investors/partners to help along the way
Telegram User: Marketing strategy is very important for every projects. A products be established on the market without marketing & promotion, whatever it is good. So what are your plans for this? How will you build strong relationships with communities?
Denver| Donk Finance team: We have a lot of plans around marketing our project. One being hosting AMAs such as this one to help answer any questions that any potential investors have. We also plan on partnering up with influencers on social media such as Twitter, YouTube, TikTok, and Telegram to get the word out about our project to the masses.
Telegram User: What are your plans for Africa considering the fact that Africa is becoming one of the biggest crypto currency market?
V P | Donk Finance team: we understand Africa is a huge in the crypto market. We currently have a group of investors with us, who are also mods, that we are working closely with, they are in touch with their community and also ours. We will leverage their knowledge on how to best explore Africa crypto.
Telegram User: Are you planning to burn or buy back any tokens from the market in the future? Do you have such programs?
Denver| Donk Finance team: We have already burnt 40% of the total supply. 20% of the supply is locked in a non-reversible smart contract. So essentially 60% of the supply is burned. And more is being burned with every transaction due to the way our tokenomics are set. We don’t control enough of a supply to burn or buy back any tokens. As of right now, dev team only has 2.25% of total supply which we plan to use towards future projects and partnerships.
V P | Donk Finance team: and this was audited and given the green light by Solidarity Finance
Telegram User: What if we want to get benefit by refer a user to DONK FINANCE, will we get reward? If yes, How much percentage benefit of referral program?
V P | Donk Finance team: We have and will have contests like Airdrop, etc to encourage users to join our DONK community. We find this is the best way to encourage membership. However, we will add this item to our list for discussion
Telegram User: Can you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team?
Denver| Donk Finance team: Here’s what the distribution looks like:
Total tokens: 1 quadrillion
Burned: 600 trillion
Currently in circulation 400 trillion
There will be no more tokens minted, rather burned.
We have locked 90% of the tokens with Team.Finance. More information on the lock can be seen here: https://team.finance/view-coin/0x1F82a9b541FE4C322B5cd81DCB066620D57de35C?name=Donkey%20King&symbol=DONK
Telegram User: Where Will be This Project In future Give an iPhone giveaway
V P | Donk Finance team: We have discussed milestone giveaways, yes. However our milestones are greater and would warrant something better than an iphone!