Midas.finance AMA with Patrick Kim at t.me/amaroom

Eric: Hello @midasdefifinance, welcome to the AMA Room! Glad you can take the time

Midas Finance: Hi@ERCSU Thank your for your time as well

Eric: in our AMAs, we want to know the people behind the project first. Please tell us about you and the journey towards discovering crypto.

Midas Finance: My name is Patrick from Midas them. I am a current product manager of Midas Platform. Our team is formed with a group of coders and product managers

who are fascinated by current Defi projects and gathered.

Our goal is to build a DeFi protocol with simpler and more user-friendly( easy to use) so that we would like to lower the entry barrier to DeFi for everyone, especially those who are having a hard time using it.

Eric: Awesome. So can you explain to us — What is https://midas-defi.finance/?

Midas Finance: To simply put, the current Midas project is a community-based defi protocol, which wishes to build a defi platform together with the community to make Defi protocol easier to use for everyone. We currently have a yield farming feature for providing liquidity of MDS token up to a total supply of 84000 MDS token. Simple autonomous Vaults strategies (yield aggregator) is under development right now.

Eric: So the YFI inspired space is crowded already. What is unique about this project? @midasdefifinance

Midas Finance: The uniqueness of our project is that we are looking to develop the project with the community. We always are open to any volunteers to help us with the management, operation, and development of the project. So many of our community members can become part of the Midas team.

Eric: ok. so tell us about the MDS token? what are its uses? is it a governance token?

Midas Finance: It is a governance token of the Midas platform, which will allow the community to share their opinions, ideas, proposals on various factors about the Midas platform.

@ERCSU

Eric: How much supply is it and tell us how it's minted.

Midas Finance: The total supply of MDS tokens is 84000. It is currently minting with a rate of 0.2 MDS per block as a reward for staking Uni-V2 LP token.

Eric: Okay, we will open the group for community questions! Please prepare your claimed questions.

Community AMA

Q: Do you have any plans to use MDS tokens as a fee for Vault, other than to get back some of the fees from the market MDS tokens and redistribute agricultural income?

A: Using MDS token as a fee for Vault is one of our idea on Vaults. However, this needs to be checked by the dev. Another idea is that it would be better to put buying pressure on the MDS market by receiving a withdrawal fee with the token that was used for the Vault strategy. For example, ETH Vault would allow the user to stake ETH for Vault and earn ETH after a certain period of time, and let’s withdrawal fee is 1% and some portion of 1% is used to buy MDS token from the market by using smart contract can put automatic buying pressure.

Q: What kind of fees do you charge from the profits generated by the community strategies? For what kind of use are they meant to be used?

A: We may put a 0.5% withdrawal fee for using community Vaults strategies, to begin with, if the community does not offer any opinions. However, it can always be changed through community voting for sure.

Q: What is the value that the MIDAS project brings to humanity under the risk of an economic crisis and the influence of the Covid-19 pandemic as of now? What challenges is the MIDAS team facing?

A: umm I’m really not sure the value that the Midas project brings to humanity under the risk of an economic crisis and the influence of the Covid-19 pandemic as now. I just wish that our project would help people who are having a hard time using defi platform and of course, at the same time, if they can generate profit too, it will be great. I think other companies or project teams are probably facing a similar issue, getting delayed with development due to Covid-19 pandemic because sometimes it is hard to get in touch with the whole team.

Q: I want to provide liquidity to earn $midas.
What are the major factors that can influence the impermanent loss that a liquidity provider on your platform may experience? What your solution?

A: Since the LPs are basically using Uniswap which uses AMM, the change in price would cause the impermanent loss due to how AMM works, and arbitrageurs benefit from it. In order to prevent it from happening, LPs always have to pay attention to the price change themselves. Using the platform and checking about IL of their own tokens would be solely up to them. However, we are thinking about putting automatic buying pressure on using some portion of the withdrawal fee to repurchase MDS tokens as I mentioned earlier.

Q: DeFi Yield farming is driving adoption because it brings crypto back to the promise of democratizing finance.
What are your thoughts on this?
What are $Midas_Defi liquidity mining plans?

A: I agree with the following opinion, however in order for democratizing finance, everyone should be involved in the project such as development, operation, ideas, management, etc. Therefore, we would like to build and develop the Midas platform further with our community.

After the end block, the liquidity mining stops. The governance token stays at 84000 total supply. we would love to hear the voice of the community for further process(what happens after that).

Q: Currently Midas Finance devs and project lead remains anonymous.. why? Is it because of the regulatories around the world or do you have some other reasons for this?

A: It is not only because of the regulatories around the world but also I’ve seen a lot of people giving death threats, assaulting with inappropriate languages to the other project developers just because the price is going down although the team has done nothing but developing the platform to work with the community. The defi project is solely up to its users for the price and usage. The investment is solely up to the user’s decision. That is why the dev team would like to stay anonymous. However, I’m here to talk with our community. Our team and community can always talk through our existing communities such as telegram chatroom.

Q: Can you explain what the Midas DeFi tokenomics design is like, Do you have Burns and Buyback plans, Also do you plan for Lockups?

A: Total supply is 84000, including the dev portion of the distribution. A total of 4000 will be allocated to the dev address at the end block of 11400000. There is no lock-up at the moment. So far, we only used some to airdrop for AMA purposes.

Q: Which types of Industries & userbase $Midas_defi project is mainly focusing on? Do you plan to establish partnerships with local cryptocurrency developers in each country to make the use of the token more global?

A: — We are always open to the partnership if any developers from other projects or community members offer us a partnership. We would love to share the information with the community and decide whether to proceed with it.
We are focusing on the userbase who think defi is hard. This may include non-crypto users.

Q: My question for the @Midas_Defi and @theamaroom AMA at https://t.co/M0141prkhV: Beyond Uniswap, is your team in talks with other exchange platforms to list Midas token? And if yes, what exchange platforms are your team in talks with?

A: We are talking to several exchange platforms to list Midas tokens. We cannot address it here before the plan is confirmed and exchange allows us to announce it. However, we will be listing on other exchange soon. (we will announce it once it’s ready)

Q: You recently added the Zap feature to the Midas platform. What is Zap and how does this feature work to make the platform user-friendly?

A: A Zap is an automated workflow that connects your apps and services together. Each Zap consists of a trigger and one or more actions. Therefore, the community can more easily participate in liquidity farming through Zap. By simply having ETH on your wallet address and clicking the Zap button, the contract will automatically buy $MDS from Uniswap and provide ETH-MDS LP on Uniswap. After you receive the LP token through Zap, you can simply click on a stake in order to receive MDS for providing liquidity on Uniswap. This simplifies the action of hopping around defi apps, searching for pool information, etc. This was one of our steps to simplify the defi protocol.

Closing Remarks

Eric: Okay, that's a wrap! @midasdefifinance please invite everyone to your official channels

Midas Finance: Website: https://midas-defi.finance/

Medium: https://midasfinance.medium.com/

Twitter: https://twitter.com/Midas_Defi

Telegram: https://t.me/Midasfinance

Please join us and let’s build defi platform together further!

Eric: Thanks @midasdefifinance for taking the time!

Midas Finance: Thanks everyone for your time. Sorry for the slow response. I’m a slow type writer.

Carpe Punctum! Seize every moment.