Nov 6, 2020
Multiplier AMA Summary with Decentralized Club ✔️
Dear, Community,
Welcome to the recap of our AMA with Multiplier.
Our vibrant and enthusiastic community had a lot of questions to ask. To those who want to know quickly what Multiplier is about, we are sure this recap is gonna help you. So without further ado, continue reading 😉
✔️Introduction with Multiplier :👉
BILLY | Decentralized Club:
Can you tell us more about yourself and Multiplier?
D.R.Dudley | Multiplier.finance:
Hello everyone, my name is Dudley and I’m the Marketing Director of Multiplier Finance.
Multiplier was established in early 2019 as a licensed crypto lender, we transitioned to DeFi and officially launched our first protocol on 9th September 2020.
We have also launched an AMM DEX and will soon launch our 3rd procotol on Binance Smart Chain, Multi-Chain (Lend)!
Missed out on Aave? Don’t miss out on Multi-Chain (Lend)! An Aave-fork on Binance Smart Chain.
BILLY | Decentralized Club:
Q. What is Multi-Chain (Lend)?
D.R.Dudley | Multiplier.finance:
Multiplier is in a joint collaboration with Bramah Systems to build a DeFi lending protocol similar to Aave, but on Binance Smart Chain.
Multi-Chain (Lend) allows users to lend and borrow crypto with variable and stable interest rates.
Main differences between us and Aave are increased revenue-sharing for token holders, lower rates for flash loans, and quicker transactions with lower gas fees due to the architecture of the Binance Smart Chain.
As it stands, Multi-Chain (Lend) will be the first to launch Flash Loans on Binance Smart Chain.
Maybe this medium article can help, https://multiplierfinance.medium.com/multi-chain-lend-by-multiplier-bramah-systems-bringing-flash-loans-to-binance-smart-chain-f9f780e7a584.
BILLY | Decentralized Club:
Q. How do flash loans work?
D.R.Dudley | Multiplier.finance:
Flash loans require zero collateral. The flash loan is approved if it used and paid back in full within the same block it was issued.
However, if the loan is not paid back within the same block, the entire transaction fails and the user is only liable for gas fees incurred.
With gas fees of about 1 cent on Binance Smart Chain, this enables users to actively experiment with Multi-Chain (Lend) Flash Loans.
BILLY | Decentralized Club:
Great
Q. How will Multi-Chain (Lend) create utility for the native token?
D.R.Dudley | Multiplier.finance:
The underlying native token for the Multi-Chain (Lend) platform is bMXX.
bMXX is a governance token which can be converted from MXX tokens.
Users who stake their bMXX tons in the governance pool will;
1. Right to govern the protocol
2. Earn a share of platform revenue in the various tokens (i.e BUSD, BNB)
3. Mint bMXX
More information regarding Multi-Chain (Lend) will be released soon in our upcoming Litepaper.
BILLY | Decentralized Club:
Q. Sounds exciting. Now, can you tell us more about Multi-Minionaire?
D.R.Dudley | Multiplier.finance:
Multi-Minionaire is a Discord-based mini-game (https://discord.gg/cA3bsPX) that rewards community participants for learning about and sharing Multiplier’s upcoming launch on Binance Smart Chain, Multi-Chain (Lend).
Users will be able to start minting bMXX tokens before the launch!
All you need to do is complete 5 missions that can be found in our discord channel, and start earning bMXX rewards!
We shall be adding new missions! So make sure you join in the fun and start earning bMXX today!
BILLY | Decentralized Club:
Q. How does Multi-Minionaire work?
D.R.Dudley | Multiplier.finance:
All you need to do is complete the mission instructions in each of the #mission1 — #mission5 channels in our Discord.
Each mission you complete will give you one level. Once you reach 5 levels, you will win 10 bMXX tokens! Even before the official launch of Multi-Chain (Lend)!
Here’s an example of one of the missions:
1. Join our official Telegram Group (https://t.me/themultiplierio) and post a thoughtful question.
2. Post a screenshot of your question in Discord #Mission3.
It’s that simple. Join now!
BILLY | Decentralized Club:
Q. What is the reason for Multi-Minionaire?
D.R.Dudley | Multiplier.finance:
While Multi-Chain (Lend) is in development, we hope to incentivize the community to learn more about the platform features and what it has to offer.
Multi-Minionaire aims to build the community by allowing them to receive bMXX before the official launch.
For more mission details and rules of Multi-Minionaire, please refer to this medium post:
https://multiplierfinance.medium.com/who-wants-to-be-a-multi-minionaire-f420e6d9b9c8
BILLY | Decentralized Club:
Great details!!
Q. Please tell us more about the “Community Leadership Initiative”.
D.R.Dudley | Multiplier.finance:
The Community Leadership Initiative is aimed towards recruiting individuals who are able to grow the community exponentially together with us.
Applicants who are interested in community management and marketing are encouraged to apply. If you have significant crypto followers, it will be highly advantageous as well!
Please email marketing@multiplier.finance with the relevant information and we will contact you if you are shortlisted.
Anybody can apply!
BILLY | Decentralized Club:
Q. What is the ideal profile for a “Community Leadership Initiative” candidate?
D.R.Dudley | Multiplier.finance:
Anybody who has a large crypto following, and is eager to be involved in Multiplier’s day-to-day community-building efforts.
Just to also quickly touch on the Community Leadership rewards:
Basically, there are 3 levels:
- Multi-Leader
- Multi-Ambassador
- Multi-Governor
Each level will earn higher rewards.
Leaders will receive a $2,000 MXX monthly allowance.
Ambassadors $3,000 MXX monthly allowance.
Governors $4,000 MXX monthly allowance.
On top of that, each level qualifies for their own rewards pool. The rewards pool is based on the total community rewards from the Multi-Minionaire program.
Example: If the community receives 100,000 USD in BMXX, the Leaders will share 10% of that in the Leaders Rewards Pool.
Leaders Rewards Pool = 10% of community rewards
Ambassador Rewards Pool = 15% of community rewards
Governor Rewards Pool = 20% of community rewards
Governors also receive 1% foundation allocation which is about 70,000 bMXX!
BILLY | Decentralized Club:
Okay great 👌👌
Now let us move towards our Twitter round!!
🐧Community ask Questions by Twitter ✔️
BILLY | Decentralized Club:
Twitter Question no 1
Username : @SefinAlfred
Does This project have any Coin Burn / BuyBack system or any Token Burn plan to increase the value of Token & attract Investors towards Stake to invest?
D.R.Dudley | Multiplier.finance:
Very good question. In fact, Multiplier just released news today that we have planned to burn team allocation of 205 Million MXX worth roughly $1.7m at current market price.
We try our best to make sure that our tokenomics and the emission rates are matched with demand to ensure that there are no supply side shocks.
You can read more on this medium post: https://multiplierfinance.medium.com/multiplier-pledges-to-burn-team-allocation-of-205-million-mxx-c862f8ff0816
BILLY | Decentralized Club:
Twitter Question no 2
Username : @enderdogukan67
Safety and security are always the most important issues. How will the team resolve if there is an unfortunate security problem on the Multiplier? Has the team thought of a workaround for this problem?
D.R.Dudley | Multiplier.finance:
Safety and Security are always our top priority. What I can say is that no platform can be considered entirely risk free.
However, we take every possible step required to minimize the risk as much as possible by keeping the protocol code public and open source, while engaging reputable external auditors to audit our protocols.
Additionally, we have also partnered with Bramah Systems (https://bramah.systems), who previously audited prominent firms such as dYdX and mStable, and is led by managing partners Jonathan A. Haas, and Benjamin A. Small, PhD, are in a joint collaboration to build a DeFi lending protocol — Multi-Chain (Lend) on the Binance Smart Chain.
Please see our post on https://medium.com/@multiplierfinance/multi-chain-lend-by-multiplier-bramah-systems-bringing-flash-loans-to-binance-smart-chain-f9f780e7a584
BILLY | Decentralized Club:
Twitter Question no 3
Username : @Zenu56434384
Why you decided to remain anonymous.? Then where we can find information about team members? Don’t you think that it will have a bad effect on your project? Or in future you will reveal your identity?
D.R.Dudley | Multiplier.finance:
We always make it a point to remain transparent with our users at every step of the way.
Historically a regulated CEFI lender, the team behind Multiplier Finance collaborates and engages with multiple stakeholders within the industry on a daily basis.
This is not possible if we remain anonymous. Some projects choose to remain anonymous for understandable reasons such as security, especially with the prevalence of cyber crime.
Others choose to do so just to defraud their investors.
I think the Multiplier Team has shown that we have nothing to hide.
You can find the team profiles here: https://multiplier.finance/about-us
BILLY | Decentralized Club:
Twitter Question no 4
Username : @Rosanela08
How can Simplified Stable Bonds (SSB) offer 1000% of interest rate in 9 months, keeping it sustainable to the platform and not inflationary?
D.R.Dudley | Multiplier.finance:
Our platforms enable users to mint MXX. This is our “distribution phase” , where the majority of the tokens will be minted by the community.
MXX can be minted through our first protocol Simplified Stable Bonds (SSB), whereas our second protocol enables users to farm TAKO that can be used in the SSB.
This Minting phase is to build up our community by distributing the token to form a vibrant community.
Our next protocol on Binance Smart Chain, Multi-Chain (Lend) focuses on revenue and utility generation for the token owners.
Users who stake bMXX (which can be converted from MXX) in the governance pool will earn a share of platform revenue as well as bMXX.
✍️ Telegram live Questions answered by Multiplier ✔
O Tuni MA:
Which area are you currently focusing on? (DeFi, Stake,Dapps..) and what’s your goals in this year ?
D.R.Dudley | Multiplier.finance:
We will soon launch Multi-Chain (Lend) on Binance Smart Chain in about a month’s time.
If you missed out on Aave? Don’t miss out on Aave-fork Multi-Chain (Lend) official launch!
Raju Ahmed JoY (Crypto Lover❤️):
1-Increasing MXX Token price🤔
2- make MXX Token Valuable🤔
3-Building Community Trust🤔
From 3 aspects above,. I want to ask,. Which one the most important for you??🤔
If all above are important for you,. Which one that Will you do first??🤔
@multipliermarketing
D.R.Dudley | Multiplier.finance:
3 — Building the Community Trust.
We do it through various events such as
Multi-minionaire
https://multiplierfinance.medium.com/who-wants-to-be-a-multi-minionaire-f420e6d9b9c8
Community Leaders initivative
https://multiplierfinance.medium.com/multiplier-community-leadership-initiative-1aca0dbf43fa
Md Ismail:
Token burn” is beneficial for any project, in being able to control the number of token circulation and to provide greater incentives to investors. Does your great project have a plan about token burn?
D.R.Dudley | Multiplier.finance:
Yes, we do. In fact, we have just announced our Core Team Burn recently.
For details here :
Riya:
What are the plans to educate and raise awareness and adoption among the community to make more people understand about the project easily?
D.R.Dudley | Multiplier.finance:
Yes through our Multi-Minionaire, a Discord-based mini-game (https://discord.gg/cA3bsPX) that rewards community participants for learning about and sharing Multiplier’s upcoming launch on Binance Smart Chain, Multi-Chain (Lend).
Come join us!
https://multiplierfinance.medium.com/who-wants-to-be-a-multi-minionaire-f420e6d9b9c8
OM:
Multi-Chain (Lend) create utility for the native token?
D.R.Dudley | Multiplier.finance:
Multi-Chain (Lend) would launch bMXX, a governance token on the Binance Smart Chain. The token overview and use cases are: Protocol Governance- bMXX token holders can participate and govern various components of the protocol and vote on changes to protocol parameters
Revenue Share — Users who stake bMXX will earn 20% of protocol revenues, which comprise of loan origination and flash loan fees.
Ecosystem Participation Incentives- bMXX rewards for participating in various protocol initiatives like liquidity mining, governance and protocol reserves.
Cheyanne Botsford:
About partnerships, could Multiplier tell us which ones are active and what are the advantages going to be from those? Any big Partnership?
D.R.Dudley | Multiplier.finance:
Yes, Multiplier Finance has partnered with Bramah Systems to build the next protocol, Multi-Chain (Lend).
Bramah Systems has previously audited prominent firms such as dYdX and mStable, and is led by managing partners Jonathan A. Haas, and Benjamin A. Small, PhD.
Mr. Haas has built a variety of scalable security systems focused on static analysis and privacy-by-design that touch millions everyday.
Dr. Small holds multiple patents related to trading technologies, and was previously COO of Gemini Exchange and CTO of Genesis Global Trading.
