AvtoCheddar🧀 and ⚙️ Treblemaker from avtoMATIC dropped by to talk to ☆CryptoGirlfriend☆ about the exciting stuff they have been working on and to take some questions from the community. To celebrate the AMA, five members from our community who took part in the question-and-answer segment at the end were selected to win a share of prizes worth $150!
If you would like more information about avtoMATIC, please visit their website at https://avtomatic.finance/, their Telegram at https://t.me/avtoMATIC_Official and/or their Twitter at https://twitter.com/avto_matic.
☆CryptoGirlfriend☆: Welcome everyone to our AMA today with avtoMATIC! I will be your host today. The chat room has been muted during the AMA. I will open it up again at the end for everyone to ask their questions. There is a $150 prize pool for the best questions!
Let’s get ready to rumble!
⚙️ Treblemaker (avtomatic.finance): Hi, I’m one of the three co-founders for avtoMATIC. On the executive side, I am the Chief Strategic Officer and also handle Business Development. A brief bio:
Wall Street investment banker by day and DeFi degenerate by night. Nothing delights him more than tokenomics and game theory design and upgrading existing ecosystems to take them to the next level. Spends what little downtime he has by reinventing DeFi and designing protocols that benefit users and the overall ecosystem. Also, an executive advisor of Mooncake on Binance Smart Chain
⚙️ Treblemaker (avtomatic.finance): AvtoCheddar🧀 is also one of the co-founders of avtoMATIC. On the executive side, he is also the Chief Operating Officer and handles socials and marketing. A brief bio:
Entrepreneur with roots in the energy sector & transportation logistics. Always looking for the new frontier via roads less traveled. Obsessed with connecting bright minds together & a total voyeur for synergy and combined flow state in a team setting. Grateful to lean on a diverse network of thinkers and doers across a wide range of industries & disciplines. As a freedom seeker, one major goal is to establish crossroads where forward thinkers and normie’s alike can mesh with transparent automated systems to reduce friction and increase success in all respects. Seeks to prove that security & confidence is possible in DeFi.
☆CryptoGirlfriend☆: Great! Thank you for that intro. It seems like you are both well versed in this space.
So let’s get into the project. Can you give an overview of what AvtoMatic is all about? I understand it will be launching on the Polygon network.
⚙️ Treblemaker (avtomatic.finance): Revolutionary decentralized yield generation crypto fund powered by a unique yield aggregation platform on Polygon. With a focus on security, innovation, and ethical non-adversarial sustainability, avtoMATIC seeks to pave the way as a gold standard for the Polygon ecosystem and for DEFI protocols across the space.
To put it in crypto ape terms, we are a decentralized crypto fund that is powered by revenues and fees from various products. The first product is a yield aggregator with some interesting features 😉
☆CryptoGirlfriend☆: So what is so revolutionary about it and why did you decide to launch on the Polygon network?
⚙️ Treblemaker (avtomatic.finance): Well, for one, most yield aggregators with any form of profit share mechanism is dependent on continued usage of the service to continue generating profits, which then underpins the value of their native tokens. For us, these fees and revenues instead feed into building an asset base for a decentralized fund, which proceeds to generate yield from its asset base and distributes that as dividends to native token stakers. This not only ensures a guaranteed revenue source even should usage of the product-level protocols decrease, but also the TVL of the decentralized fund (that we’re calling the Foundry) is a hard floor on the value of the native tokens.
This is something we believe that has not been done anywhere else before.
AvtoCheddar🧀: Polygon has shown a lot of promise both in speed of transactions & cheap gas fees and that was the original basis for launching on the network
⚙️ Treblemaker (avtomatic.finance): Polygon is beautiful because of its extremely low gas, and that allows to utilize an airdrop mechanism to distribute dividends straight to native token stakers. In other words, by staking your native tokens in the Foundry, you get airdropped $WMATIC dividends straight to your wallet, every day without lifting a finger.
☆CryptoGirlfriend☆: Fast if you manually adjust the gas fees lol
☆CryptoGirlfriend☆: I would have to agree BSC is getting a little pricy, although it is still much less than ETH.
So since you have a typical financial background @avtoTreblemaker, I can see how you are likening the Foundry to a type of mutual fund manager. Is this going to make it easier for the inexperienced investor to just deposit money and let someone else manage their funds?
⚙️ Treblemaker (avtomatic.finance): My ultimate vision for it is to be a fully decentralized and automated fund manager which can direct capital and be a whale on its own right on behalf of the avtoDAO. However, I think there are a few steps we will have to take towards that, in terms of both technology / contract implementation, and education / maturity / sophistication of our userbase which we plan to educate and cultivate.
At the moment, the user is unable to directly deposit funds for the Foundry to manage, and can gain indirect exposure to it by holding the native tokens (which is also the governance token). One of the items in the roadmap is a sort of cryptobond fundraise to inject assets in exchange for certain economic or even utility rights, not unlike a Preferred Shares concept, but that would be something that happens later.
☆CryptoGirlfriend☆: I think DeFi in generally is in it’s infancy and we will be seeing a lot of development, education and development in years to come.
As of right now, I believe you have a pre-sale scheduled tomorrow? Can you provide the details and how much of this whole system has already been developed? Will you be using some of the pre-sale funds for continued development?
⚙️ Treblemaker (avtomatic.finance): We are partnering with Jetswap to launch via a IJO at 23 Sep 5pm GMT to 24 Sep 5pm GMT (24 hours window). There will be no advantage to pledging your funds earlier or later during the 24 hours.
- IJO Currency: USDC (Polygon)
- Total tokens sold: 10% of max supply
- Price: $0.238 per token
- Total raise: $500,000, overflow method
- Wallet cap: $15,000 per wallet
Half of the funds raised will be used to seed the Foundry with pWings assetbase as our commitment to our partner, and the other half will be used to provide liquidity. This same liquidity will be used to generate yield on behalf of the Foundry as well. That means that basically all of the launch proceeds are going into the Foundry, which then backs the value of the native token.
AvtoCheddar🧀: The partner^^ being Jetswap (incase anyone is unaware)
⚙️ Treblemaker (avtomatic.finance): We have been funding development out-of-pocket so far, but we do have a treasury component which we will use for strategic purposes. Transparency and governance is one thing we value, so our userbase will be the first to know on what we use it for and why.
☆CryptoGirlfriend☆: That’s good to hear. Transparency is very important to investors to instill trust.
The other thing that provides investors with a sense of security is audits. Have you been audited or do you plan to be audited?
⚙️ Treblemaker (avtomatic.finance): On the spirit of transparency, I will put it out there. We have reached out to a number of audit firms and been rejected by quite a few due to the originality and complexity of the code. We can understand from their standpoint that it’s a better ROI to spend 10 minutes auditing a PCS or Goose fork and collect their fees, than to spend potentially hours and days piecing our puzzle together.
To that end, our originally planned Launch Audit has not yet materialized. Fortunately, we managed to source some really based engineers, and right now we have essentially Metamask auditing our codebase. We are also in talks with Consensys to engage them as well.
Consistent with our commitment to a secure platform, internal and external security audits are a foundational element to our security program. Our team has conducted an in-depth security audit, the details of this audit will be published for review. In addition, we have consulted with two external Security SMEs. One Security SME was focused on the external components of the project, i.e. exposed attack surface, front-end web application vulnerabilities, and infrastructure attacks. The other Security SME focused on smart contract security.
We recognize software development is a continuous process. Unlike other projects where we see only one or two audits and no new audits over time, we understand that is not enough. Projects evolve over time, new updates and releases are pushed to production. In many cases the underlying code base may change by 50% or more over a period of 6 months. We are implementing a bug bounty program to our security program that will allow independent security researchers to continuous evaluate and audit aspects of our code base. A reward/incentive program is under development to determine a price structure and methodology for how we will prioritize and price payouts for bounties. Consistent with our licensing goals, a NDA and KYC will be required for those individuals seeking to audit components of our code base we consider under our business license. In exchange for this level of due diligence, these bounties will enjoy a higher reward.
This program will bolster and enhance our always on and continuous gray box fuzzing efforts as part of our security testing pipeline. Our goal is to ensure code is evaluated as it is being developed and then undergoing scrutiny from a diversity of firms and researchers to promote a thoroughly vetted mature security solution stack for the avtoMATC community.
☆CryptoGirlfriend☆: I can definitely see the challenge with ongoing development of platforms and auditing firms. There is probably a need for some more sophisticated companies providing services as the DeFi space matures.
Separate from this we have successfully contracted with a lesser known security firm and have an audit currently on-going as of September 18th, 2021. The results of this audit will be published as will the results of the longer term benchmark audit.
EDIT: The audit is preliminarily ready, we’re sorting it out to be external ready.
☆CryptoGirlfriend☆: So tell us a little more about your native token and how it works and the ways an investor can make money from it.
⚙️ Treblemaker (avtomatic.finance): So our native token is called $AVTO, and it functions as a reward token, profit share token, and governance token. It has a max supply of 21,000,000, and emissions follow a smoothed sigmoid curve such that the amount minted per day decreases bit by bit so that we don’t have a sudden cliff.
It has a 2% burn tax (just like $FUEL on BSC), and users can basically swing trade it if they’re good at charting, or if they’re bad at trading (just like me), they just stake it and receive WMATIC dividends. In the early days we will also emit $AVTO for single token stakers for a limited time. Through partnerships and collaborations, we would potentially also add other partner tokens into the dividend distribution pool so that single token stakers will also receive them.
☆CryptoGirlfriend☆: Staking and earning dividends is great! I hope that MATIC is worth as much as BNB someday. 😁
⚙️ Treblemaker (avtomatic.finance): It’s actually meant to be simple so that even the most non-crypto savvy person can understand it. Hold $AVTO, stake $AVTO, earn all manner of rewards straight to your wallet avtomatically. Simplicity on the front-end backed by complex mechanisms in the back-end to generate the yield-making machine for you 😉
☆CryptoGirlfriend☆: So would it still be called a passive yield generation token if you are earning a different token, or something else?
⚙️ Treblemaker (avtomatic.finance): For sure. The method of delivery was actually inspired by the popularity of the babyXYZ shitcoins that cannibalized its closed-end ecosystem to deliver rewards. Over here, we have the same delivery system of “Hold $AVTO, earn MATIC airdrops”, but the MATIC generation machine is powered by a sustainable and perpetual mechanism that is independent of trade volumes and hype.
I can go into more detail on the differences and all that, which you are welcome to ask in our Community TG Group, so I don’t want to dilute the messaging here with technicalities 🙂
☆CryptoGirlfriend☆: Thank you for that!
So after the IJO is done, how soon will the token actually launch?
and will staking be immediately available?
⚙️ Treblemaker (avtomatic.finance): We have a number of things to do, so we hope to have it completed within a few hours at most. The good news is during the IJO itself, our website, farms / vaults, etc. will all already be open and functional. Only the native token minting will be paused before the launch. After the completion of the IJO and the contracts are all sorted out, the $AVTO emissions will start. So if you already staked your non-native tokens in the farms you literally do not have to do anything else.
Native token farming will be available immediately after you are able to claim your tokens from the IJO.
☆CryptoGirlfriend☆: Everything will happen within the day then. Very good.
Before we open up the chat to our audience. Is there anything else you would like to share with us today?
⚙️ Treblemaker (avtomatic.finance): Yes. We actually also implemented an easy function called the Zap, where you can just hold MATIC and with 1 button select and deposit into any vault / farm you like. All vault interactions and deposits can be done on our website, unlike other farms or aggregators you do not have to go to the underlying AMM / DEX to swap tokens and add liquidity. We do it for you. With 1 button. You’re welcome 🙂
(this also synergizes well because you receive MATIC as dividends, so if you want to reinvest it in another vault… 1 button is all it takes)
☆CryptoGirlfriend☆: I love EASY buttons!
AvtoCheddar🧀: No more annoying off site pairing , unpairing , swapping and re- pairing just to migrate into a different vault
Shortly after launch we will implement a vault to vault zap feature as an easy button x 2
☆CryptoGirlfriend☆: This is how the audience question portion will work. In order for your question to be considered for the $30 prize ($150 total), you must include #AVTO in your question. I will be unmuting the chat in a minute and you will have a few minutes to post your question. After a few minutes, I will mute the chat again. AvtoMATIC will then select 5 questions to answer.
Community Question #1
Tunizi: Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is it like this? If not can u tell us, What makes it different from other projects?
⚙️ Treblemaker (avtomatic.finance): I absolutely agree with you, and that is the reason why we have been working behind the scenes the past 6 months. avtoMATIC is releasing with a fully functioning project, a fully functioning product, and a product that you can literally test and see if you like it BEFORE you even consider if you want to pledge it. That’s right, we offer test runs because we’re confident you will like it.
The Foundry is already working and operational. The revenues feeding into it via smart contract is already working and operational. The dividend distribution and yield generation are already working and operational.
We don’t half-ass things, we launch fully working protocols.
Community Question #2
Andy M: Community ideas are important for the future success of a project? Will $AVTO hodlers have right to play a part in governance ? Do you hope to get community ideas when getting decisions about Avtomatic’s finance ? What’s the special benefits for your community ?
⚙️ Treblemaker (avtomatic.finance): 1. Absolutely. $AVTO is a governance token as well, and staking $AVTO in the Foundry essentially makes you one of the avtoDAO. We are implementing a pseudo-governance at the start as we are focused on building more revenue and price catalysts, but eventually we will aim to wrap-up the project with automated governance features.
Community ideas: for sure. We take suggestions and ideas seriously, and we brainstorm and bounce ideas off community members to build a product that people want and like.
2. Special benefits other than being in one of the most based and crypto-savvy groups? You also gain entry to a family of many other crypto education platforms and projects throughout BSC and Polygon. We have a large family and we share alpha among each other 🙂
Community Question #3
Anatolian Fire: It seems Avto joined Twitter last month and gets active this month. Are you too late in your roadmap in terms of marketing? What figures do you aim to be make at the end of this year?
⚙️ Treblemaker (avtomatic.finance): We actually started official marketing with official socials and groups pretty late, but that’s because we have already been marketing it in our huge family of communities through multiple AMA’s and teasing for the past 5 months. We have a massive userbase that we’re bringing on from these various groups, and of course we hope to expand organically and naturally.
Conservatively we’re targeting $100mm TVL by EOY, but the big $1B is our target 🙂
Community Question #4
DunGer💫: Currently most investors only care about profits at the moment but ignore the long-term benefits. So can you give them some reasons why they should buy and hold your token in the long term?
⚙️ Treblemaker (avtomatic.finance): 4. Who wouldn’t care about profits? The difference between a short-term profit-seeker and a HODLer is conviction on the project, and investment horizon. Flip a project early for the quick 2x? Or hold for the potential 100x? It’s really up to your own risk management and investment thesis on the team and the project’s strength.
Our dividend airdrop function also essentially helps you to take profit and ROI back your liquidity so you can use it to gamble or invest in high-risk projects if you like, or even to cash out for expenses if you require. And this doesn’t require you to touch the avtoMATIC website, or have to go through complicated partial-selling profit-taking strategies. Stake the token, and you just get WMATIC for your use once a day. Every day. In perpetuity.
Community Question #5
Hirusha: How many team members do you have? Do they have enough experience in the blockchain field? Do they have any experience on working in crypto and non-crypto project?
AvtoCheddar🧀: The AvtoMATIC team comprises of 5 core devs , 4 auxiliary SME devs and & 1 design dev that works with the front end team. In addition there are 4 core advisors that represent experience in multiple blockchain projects and Private equity groups that are relevant in the space. The most important part of the team however is the large community that has taken it upon themselves to be well informed on all things blockchain & DeFi. All together they represent community information gathering and true aggregation of ALPHA and provide us with top level feedback! As well as valuable insight into promising new tech and projects that could represent further integration with AvtoMATIC down the road. Thanks for the question
☆CryptoGirlfriend☆: Thank you so much @AvtoBusiness1 & @avtoTreblemaker for being here with us today to tell us all about AvtoMATIC. Please share all your socials so people can continue to learn more about your project.
- Community TG: https://t.me/avtoMATIC_Official
- Announcement: https://t.me/joinchat/rrO1qe1rd6Q3YzMx
- Website: https://avtomatic.finance/
- IJO: https://polygon.jetswap.finance/ijo
- LinkTree: https://linktr.ee/avtoMATIC
- Twitter: https://twitter.com/avto_matic
- Reddit: https://www.reddit.com/r/avtomatic/
- Discord: https://discord.gg/3fhTyMKPSP