Eric: Welcome @therealtreasurer!
The Treasurer: hi everyone! thank you for having us
CK: Hey guys
Eric: Tell us about your project @debafinance — been hearing the buzz growing more and more by the hour!
CK: DeBa is a project for the community, a #bankofthepeople if you will.
We’re doing no sale and taking no team rewards. Our large collection of Vaults goes live today actually and people can then start staking assets to earn both yields and $DEBA rewards.
After the Vaults go live, we’ll continue adding new ones on a weekly basis and we’ll start preparing our lending protocol and flash loan aggregator that works on top of DeBa.
Eric: What was the inspiration for this project and does it do anything new?
The Treasurer: We were inspired by yearn.finance , which showed us what a strong community behind a project can do. Our platform automatically looks for the best yield opportunities across the DeFi space and puts your assets to work.
DeBa lowers the barrier to entry for people who don’t want to track DeFi 24/7, pay gas costs to take profits regularly and move funds between opportunities, etc. DeBa handles the APY tracking, strategy development and auditing, gas costs, and regularly taking profits to ensure that returns compound.
Eric: How are the vault strategies decided in @Debafinance?
CK: Initial strategies were made by us. All strategies are public and can be found in the Tokens & Contracts section of docs. deba.finance
As for how we chose them, well, we selected what we considered as a wide enough variety for a start. As mentioned, we’re adding more of them on a constant basis and users can also submit strategies and are even encouraged to do so.
Eric: awesome. What can you tell us about the team behind it?
CK: Well we are an anonymous team but I can say that we’ve been in crypto long enough for money to not be an issue, which is also why we can afford to do a strict fair launch with no team rewards.
Maybe one day we’ll let people know who it was that made DeBa but right now the regulatory landscape is not too friendly so that’ll have to wait.
I understand that anyone can create a vault on deba. at least it's on the roadmap
is this true/ how does that work?
The Treasurer: Sure, the community can already submit their ideas for vaults. They can do this through github for the moment, in the future we would like to make the process a bit more user-friendly
Eric: Can you tell us about the token., what does it do?
The Treasurer: First of all I would like to tell you that there is no token sale or funding of any type and no team rewards. My team bootstraps this project and we will continue to sustain it until the platform’s treasury can do that by itself.
We are distributing the token over the course of 5 years, you can check the scheme here: https://docs.deba.finance/deba-token/token-economics
We will also have a Dividend Vault, where users can stake $DEBA and they receive a share of 25% of the profit that the platform generates, this being auto-compounded.
Eric: Amazing. we will open the floor now to the community to post questions.
Q: Can You Tell Us What is autostaking? And how does this work with dividend yield vault?
A: The auto-stake contract is like an interface between the user and the DEBA DIVIDEND vault. It is basically the same as staking your DEBA directly, but the off-chain agent mentioned above will regularly call the autostake contract to re-invest the DeBa tokens earned in order to earn even more and maximize profits.
Q: Blockchain technology is being explored in other contexts where immutability and data security are of utmost importance. How does $DEBA safeguard and secure? Can $DEBA FINANCE keep the data security of its User
A: Our first security audit is already underway with solidity.finance and will be ready in a few days. We’ve also started the process with Haechi Labs but that’ll take longer to finish.
Q: Do you have any plans to attract non-crypto investors to @debafinance What are the actions to increase awareness around @debafinance in the non-crypto field?
A: Our target is specifically only crypto users. We’re targeting a TVL of $10B+ and I think that’s enough.
Q: What is dDai, dUSDC, dWBTC ?How does my dAsset(dUSDT, dUSDC, etc) conversion rate going?
A: dDAI, dUSDC, dWBTC are the yield-bearing versions of these assets, which are being automatically farmed by the DeBa algorithm.
These assets automatically appreciate, and you can redeem them at any time for DAI, USDC, BTC, earning interest on your assets depending on how long you kept them in the Vault.
Q: What is the structure of this project, is it decentralized or an open-sourced protocol where everybody can contribute? If so, how does the governance plan on being handled?
A: The entire DeBa platform is 100% open-source and decentralized yes.
Q: Mobile version still unavailable as a phone user how can I use your platform
What are the main utilities of $DEBA? Why trader should buy $Deba token? Can you share the long-term vision and mission of @debafinance?
A: Mobile version will be available today at the same time as Vaults launch.
First off, you don’t need to buy $DEBA. You earn it by staking.
As for why hold it, well, you earn 25% of yields for AUM for staking it.
Q: What are the benefits of holding DEBAFINANCE token as a long term investment? Can you tell us about the motivation and benefits for investors to keep the DEBAFINANCE token in the long run?
A: The profit of the platform gets split this way: 75% goes to the user who staked, the LP, and the other 25% gets distributed to users who staked in the Dividend Vault. If you believe in the platform, the token price should reflect its popularity because of this feature.
Q: Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?
A: No, we didn’t raise funds, nor will we ever do. We bootstrap the project, and we are hoping that the community will start contributing and we can build the best product together.
Q: @debafinance is a very interesting name Why do you choose the name of your project is @debafinance
Where on this name derived and any for the inspiration behind the name of the project?
A: DeBa comes from Decentralized Bank because that’s what we are, a #bankofthepeople especially so after we add the lending protocol and flash loan aggregator which enables loans of $1B+
Q: Community support is one of the biggest aspects of a project’s success. Most projects have programs that interact with their users. Do you have any special plans to attract and expand the community and improve the user experience?
A: Yes, we will create contests, airdrops, and community-building events using the protocol’s treasury.
Q: Most new DeFi projects are just copies of existing ones, they are just useless. So, what’s unique about your project & what makes Deba finance trustable as a long term project for users and investors?
A: Fair. DeBa is not a fork though. Everything is coded from scratch. We also have differences, like autostaking, giving yields in the actual staked asset, flash loan aggr. etc
Q: I saw on DEBA roadmap that you are about to launch an application. My question is, what features are there in the application? Then what are the benefits that users of the application get?
A: Today we are launching the application meaning that users will be able to deposit funds and earn an APY right away. There will be a web-app as well as a mobile-friendly version.
Q: What is your background and how did you come to the idea to create your project? What is the business model of $deba? How $deba project generates revenue for project development?
A: We’ve been in crypto a long time and that worked out well for us so we wanted to leave something behind as well.
The token gives 25% of yields if you stake it but there are no platform fees. DeBa as a company is fully bootstrapped by us and will remain so until we pass it on to the community entirely.
Q: Collaboration and partnerships are one of the cornerstones to making DeFi more widespread, Can you share some of the partnerships you have formed with existing blockchain foundations recently?
A: We collaborate with Compound, Sushiswap, and Curve.
Q: Can you bring us through the lending protocol you want to build along with the flash loans? Why use deba over other service providers?
A: Well DeBa is fully open source. We’re just building a fair infrastructure for people to build on and do whatever they want without having to pay fees or worry about large team allocations.
Q: On moving forward through your roadmap, what are your most important next priorities? Does DEBA team have enough fundamental ( Funds, Community, etc ) to achieve those milestones?
A: Lending protocol and flash loan aggregator + adding new Vaults.
We don’t need funding. We have enough to keep DeBa bootstrapped until the day all the BTCs have been mined.
Eric: That's all the time we have for this special AMA.
Join their tg at @debafinance for more info.
Thanks, @therealtreasurer, and @rotingocni
CK: Thanks guys
Stop by and don’t forget to use the Vaults when they open up. Rewards decay over time.
The Treasurer: Thank you, everyone!
Eric: Ok. Thanks, everyone for participating
Eric: Exciting one. The launch is in a few hours