AMA with PHYTO Finance
Welcome to the recap of our AMA with PHYTO Finance!
Our vibrant and enthusiastic community had a lot of questions to ask. To those who want to know quickly what PHYTO Finance is about, we are sure this recap is gonna help you. So without further ado, continue reading.
Introduction with PHYTO Finance
Q1. Can you tell us about how experienced is the founding team of PHYTO Finance ?
The team is composed by me @Scott_910 (a strategy designer) and @phytodev (web3 developer) plus many other external collaborators! We’ve been in crypto for 3 years, we’ve previously worked on private projects (most of these about financial infrastructures), PHYTO is our first public project on BSC.
Q2. Can you tell us what issues is PHYTO planning to solve ? @Scott_910
We’re building a suite that brings quality to BSC. PHYTO aims to implement several new products (NFT marketplace, competitions, gambling, launchpad and so on) to the market.
These products will be working together in an ecosystem where members can earn by participating in games and events, powered by NFT dynamics.
Aside from of course well established platforms, we believe BSC hasn’t seen the best of neither AMMs or yield farms just yet. We’re trying to kickstart the next generation of AMM suites and give users the possibility to get in way early. 😉
So basically you guys are bringing a brand new complete ecosystem in the BSC chain ..sweet ! 🔥
Q3. Can you tell us about the private sale, token allocation etc.? @Scott_910
We do not have any private sale. We had two presale runs just under a month ago and are currently on the open market. You can buy PHY directly on our internal exchange (https://exchange.phyto.finance/#/swap?inputCurrency=ETH&outputCurrency=0xae63595ed0bcfddeff2ebb74a20ae96727783a67)!
Max supply: unlimited
Team share 10%
You can see how we use the team share and our burning mechanism here: https://docs.phyto.finance/tokenomics.
However, some of these factors will be changed as they are greatly improved, we are working on a very nutritious update!
Q4. What is PHYTO planning to achieve further this year? @Scott_910
Good part of 2021 will be focused on building and scaling the platform itself because of our long-term plans. Our vision for PHYTO in the long term is to offer a complete ecosystem of DeFi products enhanced by hybrid and interacting dynamics all packed in one suite.
For each new big step forward in terms of product, a linked engagement dynamic will be triggered and used as a way to fuel that product, and so on.
We’re seeing PHYTO incubate countless different blockchain products in the far future, with always new means of earning and engaging them. DeFi should be also fun and enjoyable, instead of just financial!
Community ask Questions by Twitter
Twitter question no 1.
From : @EKasapidi
🌺Many new Projects made a good impression at first but were suddenly Abandoned. So, How will you manage PHYTO finance and $PHY to Suvirve & Grow?
Well, this is not the case here. Many projects get demoralised by bad trends and abandon the project (many running away with part of the capital). We intend to keep working and pursue our mission. Our roadmap for the year 2021 is full of products, have a look here if you haven’t already:
It is the most promising roadmap you will find around. 😉
We are more than confident that by following the roadmap and making the right strategic choices we will have excellent results.
Twitter questions no 2.
From : @THORGodofthnder
Investors are afraid of scam, exchange is afraid of scam, partners are afraid of scam, so what does Your project guarantee not to scam investors?
We do not need to prove that we are not scammers as our smart contracts do this for us. We have given up ownership of the token and transferred it to the Nutritionist (our improved masterchef). This, in turn, is governed by a 6-hour timelock, which will increase to 12 in the coming weeks. Plus all liquidity is locked in the farms!
There is not the slightest chance of being able to scam 😁
Twitter questions no 3.
From : @Afran145
Liquidity, transaction fees and slippage have always been important factors in Financial services. How do you solve the above problems to attract users?
This is a very good question! We are currently implementing an improved system that lowers fees in favour of more locked-in liquidity! This dynamic will be a game changer! We have already announced this intention on our Medium.
Unfortunately we can’t be more specific on this topic for privacy reasons but we will post specific articles on our channels soon. I suggest you get in now so you don’t miss the opportunity to get on board when it’s already too late.
If you are interested follow our Telegram channel and enter in the TG group !
Community ask question by Website
Website question no 1.
In your website, i saw that you choosed techrate for your audit. What are the reasons why you choose them because it seems like this is the first time i am hearing about them. Do you really trust them and we to can rely on them also
Telegram Username: @dudeiebitch
Techrate is an analytical and engineering agency focused on specializing in blockchain technology and business analytics with wide experience in the crypto market. They have been active since the beginning of the ICO period on Ethereum (2017) and their work has proven their efficiency.
Many famous names in the DeFi scene have had the pleasure of receiving an audit from them, e.g. Swamp Finance, Shield Network and POODL just to name a few. It is not a question of trusting or not trusting but of seeing the actual efficiency of a provider that has been amply confirmed during our working relationship.
Website question no 2.
Your plan to implement gamification in the second quarter of this year and it seems you have taken the first step in creation of our profiles when we use your platform. I will like to diversify on the referral system implemented on your system, does the referral system works in hand with our user profiles. Is the rewards/incentives given to only users the refer people?
Telegram Username: @neverencryp
Currently we have decided to release the NFTs Marketplace and the NFTs self-minting system in Q2 first, moving the unveiling of the full gamification system during Q3. Obviously we will release some gamification previews during Q2 as well.
As for the referral system, this will be based on a very simple dynamic, the user who invites friends will be entitled to an extra percentage of their daily earning from farming. This earning will be proportional to the performance of the invited friend.
This will not only promote the adoption of the platform, but will also allow us to offer new products based on the efficiency of each member by creating rankings, tournaments and prizes for the best users. This is yet another element that will be added to the gamification and that will also allow PHYTO to be more social, as it will allow a network of friends.
Website question no 3.
What is your next marketing strategy for people to know phy. And enter an exchange like kucoin mxc binance ?? The market is huge, it’s sure to sell hard. Meanwhile, the price of phy is now getting lower because of the sales from farming. Aor is very big, people are quick to get the hadil and sell it, many people don’t invest in phy. For May what other programs to increase the phy and its targets
Telegram Username: @Farkhan82
Marketing is nothing without a real product. Many projects do entire marketing campaigns to attract people without having a real differential, these projects usually die after a month, real Ponzi models….
PHYTO is not like that, we are currently building a real differential on BSC and only the people who come in now will really benefit in the future. What we recommend to our investors is to accumulate instead of selling their daily earnings. Ours is a long-term project (imagine having sold pancakes at 0.50 cents lol).
As far as marketing is concerned, at the moment we are giving the opportunity to various communities to make us known. In a second moment we will start real marketing campaigns contacting big crypto players and opening the possibility to network with interesting projects.
Telegram live Questions answered by PHYTO Finance
Q1 from Canjoin:
Do you agree with everyone that community is everything? How important is the community to you? How can we cooperate and help you to develop a project
Sure! Totally agree! Active members are exactly what we are looking for!
We’re publishing our repos on GitHub soon and also open to collaboration on GitCoin.
We’ll release an announcement for this very soon!
The PHYTO community is open to everybody, and if you join us, you can find many ways to express your opinion!
We open forms to be filled in, you can suggest us directly interacting with our roadmap and many private groups for most involved members!
Q2 from Agvbig:
Q.Do you have any tool or article available that can guide or educate us which is the Farming (of those available) the most convenient for us?
Oh sure, this is the link https://docs.phyto.finance/how-to-yield-farm-on-phyto-finance
We are currently designing a series of video tutorials about farming dynamics, crypto terminology and so on. We want to help all the people who want to join and learn about crypto and blockchain!
Q3 from Seoyun 서윤:
What are your key features that you are very proud of and feel very confident about that makes you ahead over any project out there?
Gamification is the key!
The core values of our gamification dynamics will be personalization and competition. These values will be best understood and enjoyed by experienced users, which will learn they’re fueling the platform by using it directly. NFT dynamics will furthermore enable truly unique content and experiences, instead of just custom ones.
Very soon it will not even make a difference what the core devs are doing the project can grow even without us.Having said that the initiators and core wolves ~ 10 people are 100% committed to the project and do this as a full time job 24/7 as the best “job” in the world.
Q4 from ১২ ভাতারি:
Could you give me 3 key points to convince me and other angel investors to invest in your project long-term?
We want to build an infrastructure to let other projets grow too, in the long term the plans are to offer the chance for rising stars to develop and research their use cases and bring them to life through partnerships with us.
Gamification is the strategic attempt to enhance systems and services in order to create similar experiences to those felt when playing games, in order to motivate and engage users. This way our members can engage in new DeFi products as they were enjoying a game of connect four.
3.Real use case for NFTs.
We feel other well established competitors are making amazing leap forwards in creating direct products, but few are building truly engaging ecosystems. Our biggest differential will initially be in gamification and in giving NFTs a real use case. Subsequently we will focus on gambling by creating a complete and integrated suite.
NFTs, beside having a central role in the gamification dynamics, will be integrated as enablers of internal products.