AMA Recap 404 Daily Crypto with Shibance
Hello 404 Daily Crypto Community
On 25th June 2021, Shibance conducted an AMA in the 404 Daily Crypto. Our guest is Shibance team.
Lots of questions as usual from the Community about Shibance progress. Shibance team took part in a very interesting AMA session which included Project introduction, Questions from live AMA session with the 404 Daily Crypto community. If you missed the AMA in person, read this recap for a deeper insight into Shibance.
Let’s take a look at the most interesting points of our conversation
Opening
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?
So, I’m Shibu and I’m the team lead for Shibance. My background is in finance, having worked over 10 years in the financial services industry. I’ve been involved in crypto since 2015, first buying tokens such as Bitcoin, Etherereum, and Antshares (now known as NEO). I was fascinated by the speed and trustless nature of cryptocurrency, and haven’t looked back since!
I’m particularly interested in DeFi. I think it’s a game-changer, allowing for so many TradFi structures to be replicated and improved upon, with higher speed and lower costs.
Moving onto Shibance- we’re a team of 10 people, including Back-End and Front-End developers, DeFi experts, a Marketing/Community management team, and a dedicated Graphic Designer. We’re a close-knit team, having known each other for years. We’re all incredibly excited to share Shibance with you!
Introduction
Can you briefly describe what is Shibance? We would like to know more about it and how it works
I’d love to 😃 Shibance is the first Decentralised Meme Exchange and Launchpad on Binance Smart Chain. At launch we will have the following features:
Fully functional DEX- Allows users to add liquidity for, and swap their favourite pairings.
Farms- Users can stake their liquidity pool (LP) tokens to earn rewards in the form of $WOOF Tokens. We will be selecting the very best meme tokens for the farming rewards!
Pools (The Doggy Pound)- Users can stake their $WOOF in the Doggy Pound to earn more $WOOF tokens, and eventually other meme tokens too!
Post Launch, we will be including additional functionality:
Initial $WOOF Offerings (‘IWOs’)- This is our Launchpad, and we’ll be working with the hottest meme projects around to incubate, and launch them on our platform!
Shibance Lottery- Users can buy lottery tickets using $WOOF, with the chance to win a big prize pool.
NFT Farms- You will be able to stake $WOOF in our NFT farms to earn exclusive Shibance NFTs!
Project FLOOF- This is our top-secret project that we’re very excited about- and we believe it will be a game-changer in DEX space!
Essentially, we want to create an ecosystem for the best meme projects in the crypto space, where users can safely trade and invest in their favourite meme tokens safely 😃
How was the idea to create this project born? It is very interesting. What do you want to achieve? What are your expectations
Thanks, good question. All of our team are huge crypto enthusiasts, and a key element of crypto is the memes. We love the memes in the space, and the growth of meme tokens has been awesome. Projects like Doge, Shiba Inu, SafeMoon etc. have become so popular, even to the point where blue chip companies like Tesla are accepting DOGE as payment!
However we noticed that there are also a lot of bad actors in the space, with lots of clones, exploits and straight out rugpulls. We wanted to create an ecosystem where we can support and cultivate the best meme tokens, whilst also allowing our users to invest and trade safely.
We hope that Shibance will become the go-to platform for users to trade their favourite meme tokens, as well as being a place to discover the hottest up and coming meme projects. We would like our users to have fun whilst doing so, participating in our thriving community!
Can you tell us what are the use case of Shibance token? and can you give us an overview of Shibance Token tokenomics
Absolutely. Our native token is called the Shiba Token, ticker $WOOF. It will play a central role in our ecosystem, with its uses ranging from governance to value accrual. Some of the key features of the $WOOF token:
$WOOF will be emitted as farming rewards to users who stake their LPs in our Farms.
$WOOF will also be emitted as rewards to users who stake their $WOOF in the Doggy Pound.
Token Utility includes:
- $WOOF holder weekly votes for farming boosts of meme tokens.
- Governance controlling the usage of treasury funds.
- Eventual full on-chain governance using the $WOOF token.
- $WOOF Staking will give benefits on our Launchpad, and will also be required for the IWO sales.
- Shibance Lottery tickets purchased using $WOOF.
- $WOOF staking in the Doggy Pound to receive other meme tokens.
- $WOOF will be an integral part of project FLOOF, which we anticipate will generate huge demand!
We’ve also implemented multiple Deflationary Mechanics:
- A percentage of trading fees will go towards buying and burning $WOOF.
- A percentage of lottery ticket sales purchased with $WOOF will be burned.
- 2% of all yield generated by the $WOOF autocompounder will be burned.
- A proportion of $WOOF used in IWOs will be burned.
For full details on our tokenomics, you can check out our Tokenomics Medium article here:
We’re lucky enough to have some great DeFi experts in our team to help us carefully craft our tokenomics to give real value accrual for $WOOF token holders.
Could you please provide some progress on your Roadmap and what results Shibance has achieved so far ? And any sneak peek into 2021 plans for Shibance
Of course. Whilst it’s just the start so far, it feels like we’ve achieved alot!
We’ve assembled a great team, and already finalised our project vision and branding. Our platform is nearly ready for launch, and is going through beta testing right now.
On the investment side, we’re pleased to have completed our private raise. We raised $100k, to help fund our development and marketing. We were surprised at the overwhelming level of demand from numerous Key Opinion Leaders. We were over 3x oversubscribed, and brought on board two great VC partners, with details of the partnerships here:
https://shibance.medium.com/shibance-and-chainstride-strategic-partnership-f089091332e7
On the community side, our team has been extremely busy, launching an OG program to reward our early supporters. Full details are here:
https://shibance.medium.com/shibance-og-program-572defc0edda
We’re proud to have welcomed a number of great community members into our OG group! At the moment we’re running a meme competition, which is ending today, with 10 OG spots up for grabs:
https://shibance.medium.com/meme-competition-shibance-episode-i-battle-of-the-doges-e5c51e2fd845
Our community has also been growing fast, and we’re over 4k members now! We’re lucky to have such an awesome, active community. So we’ve very happy with the progress we’re making.
Going forward, we will soon be announcing our launch date (and it’s very close!). Apart from all of the features already mentioned above, something else to look forward to is our cross-chain migration. We are planning on supporting other chains in the future, we want to support the best meme projects across the entire crypto space 😃
What is the plan Shibance to ensure sufficient liquidity on exchanges to fill market orders, especially as adoption increases and clients begin multiplying year-over-year
Another good question, and one we’ve thought about carefully. As the demand for our $WOOF token increases, the price will increase, thus leading to higher APRs on our Farms and Pools. This should attract more people to deposit and stake liquidity on our platform. This is the beauty of decentralised finance- our DEX will scale naturally with demand!
Having said this we understand that it’s not easy to build TVL, Liquidity and Volume initially, and one of our initial $WOOF pairings we’re offering farming rewards on will be a PancakeSwap LP. As our platform adoption grows, these rewards will become increasingly weighted towards our native LPs.
Aside from this, we are also considering CEX listings, however we will be looking at this carefully to ensure we only list on CEX which can provide real value-add to platform users and $WOOF token holders.
Live AMA
From Twitter username @Dekukun75878836
Many projects are just projects that make deceptive promises created by cloning existing ones and are similar to existing ones. Do you have features that are unique to you, that you have developed and that make you special?
I think it’s quite a complex issue to explain. Firstly, I believe we are quite unique, as the first DEX/Launchpad to be fully dedicated towards supporting meme tokens. Our aim is to create a place where people can trade their favourite meme tokens, and a thriving community where people can share and discuss these projects safely.
We have numerous features working in tandem, as I outlined in my intro, but probably the most unique one is our project FLOOF, which is top secret for now, but I can assure you it’ll be a game-changer in the DEX space. Can’t wait to share details of this soon!
I do think that whilst outright clones aren’t great, it’s good to use pre-existing code where you can. For example, most decentralised exchanges are based off Uniswap/SushiSwap code, and this is for good reason- it gives users and investors the security that the code has been battle-tested. We are definitely using battle-tested code where we can.
From Twitter username @Blanbluzz1
Will Shibance expand its expansion by building CrossChain on various Blockchain Networks? Getting more users can speed up the achievement of your project. However, is Shibance enough to meet liquidity, as investors and traders increase from year to year?
Thank you for this question! Yes, we absolutely intend to migrate cross-chain, and this is on our roadmap. We love BSC because of the transaction speed, low-fees, and high throughput, and we’re already looking at other chains that offer similar, if not greater, potential. Ultimately, we want to support the best meme projects, whatever chain they’re on 😃
Regarding liquidity, as mentioned in a previous answer, as a DEX with farming and staking rewards, our liquidity will scale relative to our demand. To supplement this, we are looking at CEX listings, and potential partnerships with other DEX to ensure we can offer deep liquidity.
From Twitter username @farhanfar13
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?
Another good question, and an important one. Security is a #1 priority for us, and this is an area we take extremely seriously. Much of our code is based on battle-tested code that has already been audited in the past.
Aside from this, all of our contracts will be verified, and our code will be publicly available on GitHub upon launch. Our Docs will contain all of our contract addresses. Audits are also in the works, and we aim to share audit reports shortly after launch.
I note that sometimes we get asked to share audits before launch- this isn’t possible, as the audits have to be verified against the smart contracts once they’ve been deployed. But we will aim to get audits out as soon as possible- discussions with auditors are already happening 😃
From Twitter username @LamaAsu1
I see that you’re running a whitelisting airdrop for shibance. my question is why there are some countries that excluded from this airdrop?
if i am a person from one of the countries you excluded, is there any chances for me to participate for the airdrop? by using VPN maybe?
Thank you for this question! Whilst we want to support everyone around the world, we have to be mindful of the regulatory restrictions in some countries. Countries excluded from the whitelist are the ones which fall into this category.
Please do check the restrictions in your country yourself before participating in the whitelist, and I’m afraid that we cannot provide any assistance with legal/tax matters.
From Twitter username @Sadamwidarmanto
As we all know, marketing is essential for every project. What strategy do you plan to Shibance to attract more Users, thus becoming the authoritative gateway, the preferred platform for DeFi? What are the benefits when I hold $WOOF?
We have numerous initiatives running to become the #1 Dex and Launchpad for Meme tokens in the crypto space.
First and foremost, I feel it’s important to build a great product, with all of the elements I talked about in my previous answers. We’re very excited to share it with you guys, and it’s not long now (sooner for our OGs, who will be exclusively beta-testing!).
Aside from the product the team is extremely busy on all fronts to promote and help build the Shibance Community. Initiatives include:
- Running our OG program to help build our Core Community. Our OGs get their own exclusive airdrop, limited edition NFT, plus more! There will only be 100 Shibance OGs, ever. More details of our OG program is here:
https://shibance.medium.com/shibance-og-program-572defc0edda
- We’re running a meme competition, ending today, with 10 OG spots up for grabs:
As mentioned we’ve formed strategic partnerships with two great VCs, Chainstride Capital and Grizzly Capital, both of whom will help us to supercharge our business development:
https://shibance.medium.com/shibance-and-chainstride-strategic-partnership-f089091332e7
Other initiatives:
- Partnering with the most exciting meme projects around
- Finding and incubating the hottest new meme projects in the space
- Collaboration with some great Key Opinion Leaders
- There are also a number of other third-party discussions in the works where there’s some benefit for the Shibance Ecosystem.
As you can see we’re extremely busy! Having said all this, we’re just at the start of our journey, and realise there will be lots of hard work ahead! The team and I are all super excited for the coming months 😃
From Telegram Username @cryptodotgmail
I can see that $WOOF is trying to give token shaping power to smaller investors like myself and I really hope this will continue. My question is how can a small investor like myself help make the Shibance community stronger? I really want to be a part of your project.
For us, community is a #1 priority, we want to build the most welcoming and fun community in the crypto space!
Please do check out our OG program, which provides rewards for our most active community members, as well as our meme competition. Our admins are happy to help with any questions on both our Telegram and Discord 😃 Will share the links to our socials after I answer the remaining questions 👍
From Telegram Username @Eminet001
You said you strategize your partnership with CHAINSTRIDE CAPITAL AND GRIZZLY CAPITAL to help SUPERCHARGE YOUR BUSINESS DEVELOPMENT
but my question is what benefits will this partners bring to users as well. ?
Having strong, approachable and involved VCs on board is incredibly important to a project’s success.
As well as providing a wealth of experience in terms of what works and what doesn’t from a structuring and marketing perspective, they can also provide helpful contacts with Key Opinion Leaders, and third-party firms (such as CEXs, coin listing sites, auditors etc). They will directly help with our success.
From Telegram Username @ubaidulkader
-Are you planning to promote, your project in different countries where English, is not good???
-Do you have a local community, for them to better understand your project??,
This is something I feel is very important- we want to accommodate people from all communities.
Just today we opened a Shibance Vietnam channel to cater to our Vietnamese community: https://t.me/ShibanceVietnam, and there are plans in the works to support other communities too! If you are interested in running local Shibance communities, then please reach out to me directly.
From Telegram Username @DULLvai
Can you tell me the reason why this project is worthy to invest into compared to its already established competitors?
So far, I don’t believe there are any projects that aim to provide an ecosystem entirely dedicated to meme tokens. I feel we are truly a trailblazer here. Yes, there are other DEXs, and there are other Launchpads, but these very broad an unspecialised.
Our vision is for Shibance to the be ‘one-stop-shop’ for all of your meme tokens, where you can find the deepest liquidity for your favourite projects, and also find the hottest up and coming projects.
From Telegram Username @Dogleae
What kind of support will you do to support real meme tokens?
So for existing meme tokens- we can offer farming rewards to maximise their liquidity, as well as offering the meme token rewards to our stakers in the DoggyPound. There will also be various other opportunities for cross-collaboration and integration with our other features!
For up and coming meme projects, we can offer a fundraise through our launchpad, as well as full incubation, including help with structuring, marketing, right through to listing, with farming and staking rewards 😃
Of course any projects we support will be fully vetted by our team, and include an audit requirement. The safety of our platform users is our #1 priority!
Closing
Hope you guys all found that helpful! It’s been fun sharing Shibance with you 😃 For any more info on the project, do check out our social links, and our admins will be happy to help with any further questions!
Website: www.shibance.com
Twitter: www.twitter.com/shibance
Telegram Community Channel: https://t.me/Shibance
Telegram Announcement Channel: https://t.me/Shibance_announcements
Discord: https://discord.gg/CDQckAf5f6
Medium: https://shibance.medium.com/
For any partnership or launchpad enquiries, please woof@shibance.com
More Information
Shibance
► Telegram https://t.me/shibance
► Twitter https://twitter.com/shibance
► Website https://www.shibance.com
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