At 1:00 PM (UTC) on November 16, 2020, BSCDefi hosted the AMA show with BSC Farm project, whose representative for this AMA is Mr. William Kaiser — Project Manager of BSC Group.
Below is the detailed content of the AMA session.
BSC DeFi : Hello all, nice to have you all onboard !
K A I S E R : Hello All !
Pleasure to join in answering questions from the BSCDefi community.
In today’s AMA session, I am the project manager and Mr.Buggy is the main support of the project.
BSC DeFi : We are BSC Farm and not in anyway related to BSCdefi. This AMA is strictly for BSC Farm
K A I S E R : The Binance Chain community launched BSC in time for the DeFi (decentralized finance) revolution, as the public shows increased interest in alternative financial solutions powered by blockchain. With BSC’s launch, DeFi projects and the bigger blockchain community can leverage the best that Binance Chain has to offer, fortified by smart contract support, cross-chain interoperability, and more advantages that BSC brings. So, the Binance Chain and Smart Chain community welcome all the dApp developers and projects to try on this new arena.
BUGGY : BSC.Farm was created to be the pioneering step, as a leader in listing Yield Farms projects on Binance Smart Chain.
Our mission is to be the most complete, accurate and leading synthesis platform within DeFi projects. Thus, becoming a place to update the news, search for projects or opportunities for investment, help users to avoid from fake information, scams, and also being a place to facilitate new and potential projects to approach their potential investors. This is not only an open playground but also an extremely selective, the BSC Farm team will always research and survey carefully before listing to bring users the safest and most effective experience.
BSC DeFi : So top 10 questions has been picked by the Team. I am posting it below.
Question 1 : I saw mistakes “Honest mistakes” based on Unethical/non-organized approach(some swaps and projects),, are there any standard precautions/protocols in place/managed to counter these “honest mistakes” like MAth errors /Logical errors that doesnt necessarily ruin contract integrity
K A I S E R : We have great developers working to come up with the best algorithms.
If you have any questions or find bugs from our contract, feel free to contact us. We will have hackathons in the future.
BUGGY : We have been working hard on development and correcting every error that we encounter on your algorithm. We are still a young project but we have achieved alot so far.
BSC DeFi : Question 2 : I’d like to ask something what I can’t check on bscscan. 1. Why you decided to set such a low farming rate? What’s the intended utility of your token 2. What is the problem your project is intended to solve? There is a list of farms on bscscan already. Your list includes obvious scams as well. 3. Is that devs who provide 500k$ liquidity on pancake? If yes have you burnt the LP tokens?
K A I S E R : LP have a low APY because they are coins with low volatility and stability over the long term.
I really appreciate this question, but we want to do a project for sustainable and long-term development. Different from projects with high APY but not effective for everyone.
BUGGY : 1. We dont have the intention to scam the market so we introduce a rate to for work for a longer term purpose. When you look at many DeFi projects out there that has offered high farming rates, many of them have exited the market and scammed users.
2. Atm we are exploring the market and have series of developments coming on. With time we will have series of products to offer to users.
We are taking our time to go through the development process, and to promise what we can give out.
We will look into the lists of projects on our platform and remove all the scam projects after review.
BSC DeFi : Question 3 : Your token supports DEX liquidity and transaction growth, what strategy are you employing to turn it into a stable token with higher value than that of the competition?
K A I S E R : We currently have no competition, because we develop the project in a completely separate direction. Analyze and evaluate projects on Binance Smart Chain. Based on that to develop infrastructure on the Binance Smart Chain platform. Besides, we plan to develop our own Swap exchange and LPs.Creating a stable ecosystem on Binance Smart Chain.
BSC DeFi : Question 4 : Over the past months we have seen many yield farming projects that are just clones or copies with a few changes to Yam or sushiswap. What is your plan to attract liquidity from the mainstream yield farms that have launched to date?
BUGGY : Currently we have secured partnerships from well know projects on the BSC network and we are still in the process of securing more.
K A I S E R : We develop projects like a marketplace. The projects will join our ecosystem. We will link all projects on the Binance Smart chain, create a place to liquidity and rigorously test projects. From there we will have the community and people will be excited about the value of the BSC token.
BSC DeFi : Question 5 : What about the Devs here. Can we trust their project plan that they could not leave us one day like others? Is the project is very strong for a long term sustainable? Can you tell us why we should support this project and What can this project be or whats the use case for this in the crypto industry…
K A I S E R : As you know, we want to do a long term development project.If we want to do a Scam project then we have made LPs with high APY.But no, we want to develop a long term to Becoming a leading project on Binance Smart Chain. We have a plan to grow with challenges and fun in the future.
We must be the leading project on Binance Smart Chain, otherwise there will be no projects that need us to moderate. That’s obvious.
BSC DeFi : Question 6 : Do you have any reward programme event ongoing or upcoming,please give us details & do you have any ambassador programme also? Many community organize event for attract more people. It is also main thing for attract investors.
BUGGY : We currently do not have any reward programs running atm but there are plans for it and we will publish it once we have one ready.
BSC DeFi : Question 7 : Do you have any Coin Burn or BuyBack systems or have you any $Token Burn plans to increase the value of Token & attract investors to invest on your project?
K A I S E R : We think that the burning of coins does not increase the token value, it is just a temporary FOMO of projects.We focus on maintaining the interests of investors. A project with a large capitalization is held by many people, with a large ecosystem, having many tokens will not be a problem.
BSC DeFi : Question 8 : Any plans to make swap and get listed on CEX anytime soon ?
K A I S E R : We plan to list on the CEXs. This is something we will announce to the community in the near future. Please follow our Chanel information.
BUGGY : Yes there are plans to make swap which is also included on our list of developments.
BSC DeFi : Question 9 : Recently BSC FARM announces partnership with BURGERSWAP. What is the value of this partnership? What advantages does it brings to BSC FARM ?What new developments we can see in upcoming days?
K A I S E R : We will integrate Burger LP to increase the value of Burger coin in the market.This combination increases the credibility of our project in the marketplace.
BSC DeFi : Question 10 : How does the BSC.FARM team respond regarding a similar project but only for profit and the token price becomes worthless? Are there any new innovations that will be developed in the future?
K A I S E R : We will implement Defi wallet to connect with projects on Defi around the world. We will also improve marketplace BSC.Farm for evaluating projects. This is a project with lots of future plans.
Thank you very much for listening to our sharing about BSC.Farm. Nice to receive your feedback. Please accompany us in the future.
BSC DeFi : AMA session with BSC FARM Team has been concluded. Thanks to @MrKaise and @Buggy_Man_BSC .