Entropyfi x Im Community AMA Recap
TELEGRAM AMA: Im Community & Entropyfi 🐋
⏰ AMA Timing : 23 September 2021 l 12:00 PM UTC l 19:00 GMT +7
Venue For AMA : https://t.me/imcommunityitw
🎁 Reward Pool 100 USDT
Bà Tân | : Start AMA with Entropyfi now.
Bà Tân | : Welcome @DDDDD_Chen, @DANIELTONGAWESOME and @janicechok from Entropyfi.
D Chen : Awesome!
Bà Tân | : Welcome everyone. Today Im Community will host AMA with Entropyfi
Bà Tân | : Today our guest is: @DDDDD_Chen, @DANIELTONGAWESOME and @janicechok from Entropyfi
Bà Tân | : Can you introduce yourself to our Im Community?
D Chen : Yep! I’m D Chen, and I’m the product lead at Entropyfi. I design the mechanism of the protocol and the new product ideas. @DANIELTONGAWESOME is the development lead, and he works on the smart contract side of the project. @janicechok is the CMO for our project. We also have another four development members who unfortunately cannot join today
Bà Tân | : Thanks for the introduction.
Bà Tân | : Today’s AMA will have 3 sessions
Sessions 1: The chat will be muted & the team will introduce themselves then we will ask some introduction questions to the team Entropyfi
Sessions 2: We will pick 5 Best Question from our members on Our Tweet (https://twitter.com/IM_Communityitw/status/1440491012573388803).
Sessions 3: The conversation will open to the community questions and the 5 best questions will be selected.
Bà Tân | : Requirements:
🗣Im Community (https://t.me/imcommunityitw)
🗣Entropyfi Community (https://t.me/entropyfi)
🗣Twitter Entropyfi (https://twitter.com/entropyfi)
👉More information about Entropyfi :
Bà Tân | : Start session 1 AMA @DDDDD_Chen
D Chen : Awesome
Bà Tân | : Question1. Can you briefly describe what is Entropyfi? We would like to know more about it and how it works.
D Chen : Yep! the answer is a bit long and please bear with me haha
Entropyfi is a crowd-wisdom machine. We extract the wisdom from the crowd through lossless prediction markets. Suppose there is a lossless prediction market for BTC weekly price. At the beginning of the week, participants can deposit their assets with Entropyfi and pick a side (long or short). During the week, all deposits on Entropyfi will be sent to a Defi protocol (currently AAVE) to generate yield.
At the end of the week, Entropyfi will query the settlement price via Chainlink, and those users who predicted correctly will win the yield generated on everyone’s deposit. Meanwhile, users who are incorrect can still withdraw the original deposit.
Currently we are deployed on Ethereum Kovan testnet and Polygon Mumbai testnet. We support BTC weekly prediction market for now. In the future, we will add more interesting markets such as Ethereum Gas prediction or stablecoin peg prediction.
Ahrix : @DDDDD_Chen Please say “Done” when you have finished the question, thank you.
D Chen : Done. Thank you folks!
Bà Tân | : Question2. What products are the Entropyfi team providing to users? What outstanding features does it have?
D Chen : The product Entropyfi provides to users is the lossless prediction market. Lossless is the most notable feature, as the users are facing no downside when participating in the prediction. Because there is little downside, Entropyfi is able to scale fast and attract far more users than regular prediction markets.
To other Defi developers, Entropyfi can function as an oracle for black swan events and provide valuable data for downstream applications, such as derivative pricing. For example, Entropyfi will have a prediction market for whether USDT will lose its peg. After users place their opinion, external dapps can reference the ratio of longs versus shorts to calculate a numerical value for the probability of USDT losing its peg. This ratio can then be used to create derivative markets such as perpetual futures or options.
Bà Tân | : Question3. What is the benefit of the Economy of $ERP token in Entropyfi’s ecosystem? What are the benefits of long-term holding?
D Chen : Entropyfi’s token has multiple utilities in the Entropyfi ecosystem. First, it functions as an incentive for liquidity providers for the $ERP token, and this purpose is pretty standard in the Defi world. Second, it functions as an incentive for sponsors of prediction pools. On Entropyfi, we have a role called sponsor, who deposits assets to individual prediction market and contribute to the overall winnings with the yield (hence the winning is boosted by sponsors). In return, sponsors will get $ERP tokens. The purpose of Sponsor is to create a flywheel effect, where higher winning attracts more users, which increases the protocol revenue and token value, which will attract even more sponsors and hence providing a higher winning for users.
Besides functioning as incentives, $ERP token also enables users to claim fees from the protocol. Users can claim revenue via either a lottery system or direct staking. For users with a small amount of $ERP tokens, claimable amount might not justify the transaction fee of the staking action, thus these users could deposit their tokens into the lottery contract for the opportunity to win big. For users with a lot of $ERP, it might make more sense to stake the tokens directly and claim fees from the protocol.
Finally, $ERP is the governance token for Entropyfi. After the DAO goes live, $ERP token holders are able to propose and vote on various proposals, such as enabling protocol fees and listing new prediction markets.
Bà Tân | : Question4. In terms of security, how secure is Entropyfi when users use products on your platform?
D Chen : Entropyfi is undergoing a full audit by Certik, and Entropyfi will be audited by Quantstamp in October. Besides audit, Entropyfi team also uses OpenZeppelin Defender to monitor suspicious transactions in real-time. Finally, Entropyfi team also conducted internal testing in simulated mainnet environment using Hardhat.
Bà Tân | : Question5. What are the achievements that Entropyfi has achieved? And what is the development roadmap for this year?
D Chen : Entropyfi is currently deployed on Ethereum Kovan testnet and Polygon Mumbai testnet. Entropyfi is the protocol with the most interaction with AAVE on the testnets. Our beta product has been attracting a lots of members to our community, and we invite you to join our Telegram and Discord too! Entropyfi recently received a grant from Oasis Foundation, and will conduct public sale on at least two top-tier IDO platforms in late October (names currently undisclosed and stay tuned).
For development roadmap, we are aiming at mainnet launch near the end of October, followed by a major update in November for our insurance product. In November, we will also add more prediction markets to Entropyfi. Meanwhile, we are working closely with synthetic asset protocols and decentralized exchanges, which will utilize our oracle data to develop derivative products.
Bà Tân | : End of session 1
Bà Tân | : We will move on to session 2
Bà Tân | : Sessions 2: We will pick 5 Best Question from our members on Our Tweet (https://twitter.com/IM_Communityitw/status/1440491012573388803).
Thank you, sir!
Bà Tân | :
D Chen : We received investments from a variety of venture funds. Our lead investor is Fourth Revolution Capital, which also seeded promising projects like Barnbrige. Our other venture partners includes Taureon, ChainIDE, and Moon Capital. We are also invested by other prominent Defi protocols such as Wootrade.
It’s been a great time to raise capital for our project, and our project received a lot of positive feedback from our investors
Bà Tân | :
D Chen : Entropyfi distinguishes itself from other prediction markets because it is a lossless prediciont market. This is a huge advantage because the downside is small for players who are incorrect about a prediction. In other prediction market, users might fear of losing their principal if they are not correct. On Entropyfi, the users do no need to worry about losing their principal even if they are incorrect about the prediction
Bà Tân | :
D Chen : Yep! Entropyfi has several partners in the Defi space, and our advisors and investors can also introduce Entropyfi to the projects directly for partnerships. One of the biggest partnership opporunity is that synthetics protocol can use the data from Entropyfi to create derivatives. For example, Synthetix can create derivatives for USDT insurance based off the data from Entropyfi.
Another opportunity is for Entropyfi to user other Defi protocols to generate yield for everyone’s deposit. Currently Entropyfi is connected with AAVE. But in the future, we can also connect to Convex Finance or C.R.E.A.M.
Bà Tân | :
D Chen : The team members at Entropyfi understand that Defi users care about APY the most, hence we designed the sponsor mechanism to boost the APY that winners can potentially win. We incentivize people to become sponsors and deposit their assets to generate additional yield for prediction market winners. Those sponsors are rewarded with a governance token. The higher APY will attract more users to the platform, hence growing the TVL and governance token value, thus attracting more sponsors. Essentially, we are creating this positve feedback loop
Bà Tân | :
Daniel Tong : When user deposit fund into the game with their decisions (for example, they can either choose LONG or SHORT): At the begining of each round, all fund will be transfered to AAVE to generate interest. Then at the settlement of each round, smart contract will move total intierest generated by the entire pool to winning side.
In another word, users are using their asset’s time value instead of principals to predict the market movement. No loss on principals, but will gaining more yeild if u predict right.
more detials can be found out at: docs.entropyfi.com
Bà Tân | : Alright, Session 2 has finished perfectly. Appreciate your detailed responses @DDDDD_Chen, @DANIELTONGAWESOME😃
Bà Tân | : End of session 2
Bà Tân | : We’ll move on to session 3
Bà Tân | : Sessions 3: The conversation will open to the community questions and the best questions will be selected.
Bà Tân | : Don’t forget to join the group https://t.me/entropyfi
D Chen : Thank you everyone!
Bà Tân | : Thanks for the questions from the community.
Bà Tân | : Now let’s give our dear guest @DDDDD_Chen, @DANIELTONGAWESOME and @janicechok some time to go through them.
Bà Tân | : @DDDDD_Chen, @DANIELTONGAWESOME and @janicechok Pick the 5 best questions and answer it for session 3.
Q1. If other than BSC, which network will you use for your tokens?
Daniel Tong : We planed to launch on ETH & Polygon. Maybe in the future BSC, arbitrum
Q2. 🆘🆘Q) Which do you think is more important:
C. Token Price
If all of the above is important to you, which should come first?
D Chen : We definitely think community is the most important. This is also the reason that we don’t rush our product, and we want to make sure the product is safe. Our developers are also Defi users, so we definitely understand how community is the most important part of the project.
Q3. Can you explain what makes your project superior to other projects? And what is the deadly strategy you used in your project to win the competition with other projects?
Daniel Tong : lossless !!! We think why current prediction market isnt very attractive and why a lot of people do not want to participate in blockchain prediction market protocols are mainly because most games are loss realized, whcih makes users less willing to participate and once they lost their principal -> game finished. Lossless will make users feel less risky and they may want to actively speculate the market more often than loss realized platform.
Q4. What was your motive behind making your project?
D Chen : I used to use prediction market a lot, but I stopped it because of the risk of losing my principal if I was incorrect. This risk stresses me out. Thus when Daniel came up with the idea of developing a prediction market, I added the “lossless” design to it, because I want to reduce the risk associated with prediction market, such that more people can participate.
Q5. On which userbase is Your main target? Are you focusing only on big Investors or small retail Investors also can play a big role In your project?
Daniel Tong : Our platform is perfect for both retail investors and big whale, we designed differnet incitive mechisms for both customer and made a fair game for everyone ~ for retail invesotr will small amount of governance token -> they can participate on our revenue share lottery game (more detials can be found at docs.entropyfi.com). For large investors, they could benefit from our revenue share model and sponsor miniing as well (more detials can be found at docs.entropyfi.com).
Bà Tân | : Congratulations to the winners of session 3.
Bà Tân | : Thanks for the useful information from @DDDDD_Chen, @DANIELTONGAWESOME and @janicechok
Bà Tân | : End of session 3
Bà Tân | : For questions that have not been answered today, you can send them to @entropyfi for answers.
D Chen : Thank you! Thank you IM Community, it’s great to meet everyone
Bà Tân | : IM Community, if you would like to know more about Entropyfi ! here are some useful links for you:
Official Website: https://www.entropyfi.com
Bà Tân | : Allright, I declare the Im Community AMA with Entropyfi has ended.
Thanks to @DDDDD_Chen, @DANIELTONGAWESOME and @janicechok | Entropyfi joined us and provided us with Entropyfi information, we hope that this knowledge makes us understand more about https://www.entropyfi.com (https://www.entropyfi.com/)
To the members, thank you for following this event to the end. winners will be announced soon.
Bà Tân | : Thanks @DDDDD_Chen, @DANIELTONGAWESOME and @janicechok for joining the AMA today. Have a good day.