Halloo genks! Buat kalian yang ketinggalan AMA bareng King Defi, bisa baca recap ini ya!
1) Could we maybe start by getting a brief rundown on your project, for those who know next to nothing?
A: KingDeFi is a multi-chain DeFi project combining three main areas: analytics, monitoring, earning. Let’s go through each service:
Where we provide with an overview of most prominent DeFi projects together with unchain metrics and analysis. You can consider it a bit like CoinGecko for DeFi on multi-chain.Also we offer pool search engine and various advanced metrics to help farmers in selecting best in class aggregators and pools.
We are currently in process to develop our own portfolio tracking, similar to yieldwatch but with a more sophisticated analysis, as we bring from traditional portfolio management quite some indicators, the DeFi portfolio tracking in the future will be a very important utility instrument for KingDeFi and users.
Earnings and yield optimising:
With the Earnings function, users can earn KROWN tokens by providing liquidity and staking directly on the KingDeFi platform. More importantly we have just finalised our Continuous Compounding Smart Contract and we launched a multi-chain bridge. This means that earning for us is not and will not only be a matter of farming but we expanded our offering by on-boarding additional partners on multiple blockchains and have a long term reward distribution approach overtime.
2) I am aware that the KingDefi team has a whole lot of experience in the fields of finance and blockchain. Would you be able to go over a little bit of that experience, and also possibly in what countries is the team based?
A: The team is split in four regions Italy / Switzerland / Germany /Australia, all the member of the team has on average 6/7 years of professional experience, some coming from top tiers investments banks, tech startups and also some people from research with Ph.D in very technical fields.
Here you can find all details regarding our team: https://kingdefi.io/team
3) In the introduction you talked about a Continuous Compounding Mechanism, can you give us more details on this?
A: Our technology automatically compounds user’s rewards within third-party LPs at optimal times to earn the highest returns. We’ve specially engineered the smart contract so that everyone’s rewards compound each time there is some user interaction with the contract. For those wondering what entails a user interaction, depositing, withdrawing and harvesting are all user interactions which will trigger a compound event.
More times you compound, the higher the APY.
In the current DeFi landscape there are still a lot of projects working with manual compounding farms, or in alternative compounding with bots on daily basis. From a mathematical prospective all those farms are inefficient when compared to KingDeFi’s compounding model.
Let’s take CAKE for example: if you hold CAKE, you can manually compound them, but it’s a time-consuming operation. Pancakeswap also offers an auto-compounding option, but it’s less efficient than our technology.
To make a quick comparison with current APYs.
🐰 73.73% APY on PancakeSwap on which you need to add 2% performance fees
🎓 74.15% APY competitors
👑 74.65% APY only on kingdefi.io
4) Can you tell us more about all the functions of your auto-compounding offering?
A: – Continuous compounding: each contract interaction boosts compounding APY performance producing higher APY for investors;
- Users are able to stake different tokens than KROWN and get rewarded with the respective LP, single tokens, or BUSD;
- Investors will be able to boost KROWN price converting the whole (or a part of) LP into KROWN. An automated swap from LP to KROWN will be performed by the contract and KROWN will be deposited into the wallet.
We also have a BuyBack & Burn functionality: As mentioned continuous compounding contract allows to increase performances, 2% of it is then allocated automatically to buyback and burn KROWN. This methodology will help to manage inflation.
We have simplified the process of investing in LPs by giving everyone the option of depositing (and later withdrawing) directly with BUSD. Our technology will take care of all the necessary swaps and the LP deposit. Ours is a one-click solution! Simply hold BUSD stablecoin in your wallet, and invest directly in the LP of your choice. As if this were not enough, your investment will be continuously compounded.
Finally it’s important to say that we opted for a lower fee model than our competitors: (Deposit fee: 0%, Withdrawal fee: 0.05%).
5) What about security?
We have various audit firms which we work with, some of them are the most known on DeFi landscape such as Certik and Hacken. We audit each single contract which we issue, all of the audit reports are available on our website. As you can understand security is our top priority and we like to be always extremely transparent with our community regarding all audit results
1) I know that kingDefi was originally a BSC project … Would you please personally provide the some reasons and forces driving you to expand to Polygon?
A: The team decided to expand to launching Polygon farms first as it was a good tangent to BSC and our contracts were audited and ready to use for Polygon, additionally, the gas fees are low on the Polygon network which gives easier access to our community to use the bridge first at low price and incentivise liquidity.
2) Can you give us some information about your roadmap, your achievements and also your future plans?
A: Our most important upcoming priorities on the roadmap is the expansion to multiple chains. We have built a foundation on the Binance Smart Chain and have expanded to the Polygon chain as well. We look forward to creating farms and expanding our kingdom to AVAX and Solana which will open more opportunities for our project. In the further future we will continue expanding to other chains and you can see what we have planned on our roadmap here https://kingdefi.io/ roadmap.
3) How does the mechanism to bridge all the ecosystem work
A: The bridge mechanism allows the flow of tokens from one chain to another. The team strongly believes that bridges are important because they help projects move across multiple chains without issuing a new token on a different mainnet. The King’s Bridge ensures that KROWN remains one token, with one supply, on seven blockchains.
You can find our official guide and FAQ to our bridge here: https://kingdefi-official.gitbook.io/kingdefi/guides/transfer-krw-tokens
- To avoid a drop in the price of tokens, Usually a project has a burn or buyback system. Then, what about KingDeFi? Do you also have such a program?
A: Yes, we already have implemented a buyback and burn system within our continuous compounding smart contract. We’ve specially engineered the smart contract so that everyone’s rewards compound each time there is a user interaction with the contract, increasing the APY performance of each vault. 2% of the performance generated by the continuous compounding will be allocated to the “buyback and burn KROWN” mechanism, we have put the buyback and burn related statistics in the UI on our farms page.
2. Can you list some of the features with which you are most confident about your platform? How can you advertise your project worldwide and make it popular???
A: I recommend to check out the APY’s on our farms page, we have single-asset auto-compounding vaults for popular tokens and stable pairs that are easy to deposit into so you can start earning right away! If you are new to DeFi and you need to create an LP, you can do this automatically on the KingDeFi platform, no need to go to PancakeSwap or other DEXes, our smart contract automatically creates the LP for you; Also the yields are high and the fee’s are minimal since our auto-compounding contract is efficient.
Please join our community at https://t.me/KingDefi_Community we would love to answer more of your questions and don’t forget to visit our platform kingdefi.io and stake your tokens for high APY returns!