On the 26th of July, 2021 at 12:00 UTC, Decentralized Club had the honor of hosting Mr. Max (Co-Founder), Mr. Monson (Brand Ambassador), Mr. Jack (Community Manager), and Mr. Thunchakorn (Tuk's Diamond Hand) from the TukTuk Finance Team for an Ask-Me-Anything session on their Telegram page with a community of over 30,000 people. It was hosted by DC Admin, May.
The session was divided into four segments. Introductions were made in Segment 1, questions from the Twitter and website community were answered in Segment 2 and 3 respectively, and live questions from the community members in attendance were answered in Segment 4.
If you missed this event and would like to know what TukTuk is all about, you can find a recap of the interview here. Note that slight edits have been made for clarity.
Segment 1 - Introduction
[May]
Hello, Xin chào, 안녕하세요, 大家好, नमस्ते, Selamat!
My name is May and I'll be hosting the AMA with TukTuk Finance.
Today, we have with us some guests from the TukTuk Team.
[Monson]
Hi, Namaste, Selamat, Sawasdee Krab.
[Jack]
Hello guys! 大家好! สวัสดีครับ
[Max]
Hi all
[Monson]
We are ready!!!
[May]
You're all welcome and it's an honor to have you all here.
Could you quickly tell us more about yourselves and your job descriptions at TukTuk?
[Jack]
Hello guys, I'm Jack, I am a Community Manager in TukTuk Finance.
I mostly manage the communities in both the Thai Telegram group and the English community group.
Nice to meet you all!
[Monson]
Hi, I’m Monson Brand Ambassador in charge of all Marketing Worldwide. Nice to meet you all here.
[Max]
Hello! I am Max, Co-Founder of TukTuk Finance
Nice to meet you
[May]
Excited to be interviewing you all!
Shall we take some project introduction questions?
[Monson]
Sure
[Max]
sure
[May]
Q1. Can you tell us what was the motivation behind developing Tuk Tuk Finance and when your team started working on it?
[Max]
ok
TukTuk Finance is a fair-launch project with no pre-sale, no investor, and no pre-mine.
First of all, our project’s name, TukTuk, was inspired by a famous form of transportation in Thailand or also called an auto-rickshaw in some countries.
As we originated from BitkubChain, first Thailand’s legit chain under Bitkub Exchange which was one of the qualified and certified exchanges by Thailand’s Security and Exchange Commission (SEC).
We wanted to come up with a name that symbolizes our origin. Hence, TukTuk Finance.
The idea of TukTuk Space is for us to become a space station to enhance the utilization of our token while offering our holders cross-chain farming across multiple chains including BSC, BitkubChain, MATIC, etc.
We offer you a ride on our TukTuk through a prosperous and safe journey with our high yield farming and BEST APR for our Stable Coin (ttUSD) farms along with several more features that we are going to release along with our roadmap.
Our farm on BSC early-launched on 9th July which means all of you still have the opportunity to earn high yields in our BONUS period for the emission rate.
[May]
Q2. Can you tell us about the TukTuk Universe?
[Max]
sure
TukTuk Space, our farm on BSC, has unique features that are different from other DeFi Farming platforms in several ways.
One of the features is because our main priority is to multiply more and more profits to our holders instead of the platform and dedicate the most trustworthiness to our community.
With the success of the launch on BitkubChain, we expanded our farm towards Binance Smart Chain. Within just 24hrs after launch, our TVL reached $20m which was a huge success.
Another feature that we have is our own algorithmic stable coin "ttUSD"
The ttUSD is the composition between BUSD 90% and TUK 10%
The mechanism of ttUSD does not Burn/Mint the Governance Token but instead, we choose to “lock” it, so that the total supply of TUK remains the same. Therefore, an oversupply issue will totally be eliminated!!!!
Not only that, the 90% BUSD will be split into 2 parts. 25% of the BUSD will be locked in the collateral reserve for anyone to redeem ttUSD. 75% of the BUSD will be sent to our Vault to invest with BUSD Lending on low-risk DeFi Platforms such as Alpaca, Venus, etc.
Mint/Redeem Fees, Swap Fees, Gachapon, and Marketplace Fees. For all these fees:
20% will be used for operations and the Dev fund team.
80% will be redistributed back to holders in various ways:
1. It will be provided as the rewards in our Colony (pool) such as Staking TUK to earn BUSD.
2. To BuyBack TUK and send it back to the Collateral Reserve, not only does it make our reserve stronger, but it will also reduce the inflationary pressure on TUK.
3. We will keep it for EMERGENCY Reserve in any event of unforeseen circumstances.
Moreover, our algorithmic stable coin (ttUSD)’s mechanism has been through a lot of tests and various hypothesis-testing in which we have prepared many backup solutions beforehand. We can confirm that all investors could always redeem back our ttUSD at a 1:1 ratio despite any unexpected situations.
Another feature that recently came out is our NFT GACHAPON, where you can stake 1 ttUSD and 10 TUK tokens to “lucky draw” NFTs.
The NFTs are categorized into 2 types:
1. NFT Collectibles type which we now have over 11 collections
like this picture
I'm
https://t.me/decentralized_club/567419
[Max]
2. NFTs that you can actually claim and delivered to your front door such as Macbook Pro M1, Airpods Max, PS5
https://t.me/decentralized_club/567421
Our next important milestone is the DeFi MarketPlace where you can take advantage of anonymity in the DeFi world to actually purchase goods using our ttUSD.
[May]
I love that Gachapon rewards winners with redeemable NFTs.
Such an amazing incentive!
[Monson]
Please try it tomorrow
We can send you anywhere in this world if you won the prize
[May]
That's so great! I definitely will.
Q3. What is the importance of the $TUK token and how do we acquire it?
[Max]
The TUK token was fair-launched and there was no pre-mining. Most of it was distributed from our farms.
TUK tokens can be used in our ecosystem including NFT Gachapons and minting ttUSD not only to receive high yields in our farms but also used in our future projects such as Marketplace which is our next milestone.
To acquire a TUK token, you can simply swap using our own DEX on
https://space.tuktuk.finance/#/swap
[May]
Nice!
Q4. What are some of the biggest developments on track for completion this year for Tuk Tuk Finance?
[Max]
good question
TukTuk Finance’s next important milestone is the DeFi Marketplace.
It is a decentralized platform marketplace where we use smart contracts to list selling and buying orders for everyone.
We also aim to focus on transparency that not only makes anonymous transactions but also a safe and secure transaction on our marketplace.
We are aiming to list several products and we have already dealt with many shops.
Potential products could include luxurious bags, iPhone, Mac, Ipad up to things like Gold! Not only that, but we also already have services like Dental Clinics from our community that accept payments as TUK or ttUSD.
There are also other hidden projects and partnership projects that are yet to be announced. If you would like to know more, feel free to join our telegram group here!
https://t.me/TukTukFinanceCommunity
[May]
Awesome, awesome answers so far.
Shall we now take some questions from our Twitter community?
[Monson]
Sure
Segment 2 - Twitter Questions
[May]
Q1. In your roadmap, I saw you're currently working on the Crypto Market Place phase? When will this update be ready?
Twitter Username: @Rszamora86
[Monson]
Our DEVs are now doing their hard work, within 45 days from now the BETA version will be issued through our main website. Our new road map will be announced in 1-2 days and you can also update our news by our official TUK TUK FINANCE TELEGRAM.
https://t.me/TukTukFinanceCommunity
[May]
Q2. In relation to the next release, you will make of "Market Place", what will be the main mission of it? What actions will users be able to perform in it?
Twitter Username: @molestika
[Max]
ok
[Monson]
This “Market Place” is our MEGA PROJECT created to deliver the precise purchase command by using the smart contract, both BUYER and SELLER can track their money or product in real-time. Our users can SELL or BUY any product in any aspect via our Marketplace platform. Our strength is that we have our own algorithm to eliminate any fraudulent activity in the BUYING and SELLING process, we can guarantee 100% that both of them will be satisfied.
[May]
Q3. What exactly is compensated Tuk or cTuk? How does it work? What are the main benefits it offers to the users of your platform! Thank you!
Twitter Username: @iracundito
[Max]
In unforeseen circumstances where TUK is insufficient in the reserve which could cause redeeming issues, we have cTuk (Compensate TUK) which is a compensation for people who hold ttUSD and chose the option to redeem without collecting TUK and they will be compensated with cTuk instead. This is our Redeem V2.
cTUK can be used in the TukTuk ecosystem.
- Stake to receive TUK, which will open pool for Stake
- Can be used as part to exchange Gacha Ticket
- Can be used to redeem Coupon for discount in Market Place
- Stake in Hidden Project TukTuk Lending that will be plugged into the MarketPlace.
[May]
Great!
We have three questions from our website community coming up.
[Monson]
Ready
[Max]
ok sir
Segment 3 - Website Questions
[May]
Q1. Currently, all projects are launching their own NFT programs, So I want to know if you have any thoughts on launching an NFT program, And if you turn it on, what is its roadmap?
Telegram Username: @hulkkkkkkkkkkkkkkk
[Max]
Now we have our own NFTs as well. Some NFTs can claim real products such as Macbook Pro, PS5, and NFT for collectibles. You can visit the collection at
https://space.tuktuk.finance/#/collectibles
and NFT collectible, we can also trade. and can go and join our games in the future
[May]
Q2. TukTuk is the first DeFi Yield Farming and Staking platform running on Bitkub Chain. What are the reasons you have chosen Bitkub Chain to run your decentralized model? What difference, benefits, and performance does this chain bring to your model over other well-known ones such as BSC or ETH?
Telegram Username: @Thomas23P
[Max]
sure
We chose Bitkub Chain(BKC). Since there is no DEX or any DeFi on BKC yet, we see the opportunity for our Dapp to be PancakeSwap on BSC. Although BKC is still in an early stage., we have got DEX. Liquidity is the largest on BKC and in the long run, it can be profitable continuously.
[May]
Q3. Your Stablecoin ttUSD is pegged 90 % with BUSD and %10 with TUK, but can you explain to us what are the benefits of using ttUSD instead of BUSD? What are your Incentives to increase the ttUSD holders?
Telegram Username: @JoanaZ
[Monson]
“ttUSD”
The ttUSD is the composition between BUSD 90% and TUK 10%
The mechanism of ttUSD does not Burn/Mint the Governance Token but instead, we choose to “lock” it, so that the total supply of TUK remains the same. Therefore, an oversupply issue will totally be eliminated!!!!
Not only that, the 90% BUSD will be split into 2 parts. 25% of the BUSD will be locked in the collateral reserve for anyone to redeem ttUSD. 75% of the BUSD will be sent to our Vault to invest with BUSD Lending on low-risk DeFi Platforms such as Alpaca, Venus, etc.
Mint/Redeem Fees, Swap Fees, Gachapon, and Marketplace Fees. For all these fees:
20% will be used for operations and the dev fund team.
80% will be redistributed back to holders in various ways:
1. It will be provided as the rewards in our Colony (pool) such as Staking TUK to earn BUSD.
2. To BuyBack TUK and send it back to the Collateral Reserve, not only does it make our reserve stronger, but it will also reduce the inflationary pressure on TUK.
3. We will keep it for EMERGENCY Reserve in any event of unforeseen circumstances.
Moreover, our algorithmic stable coin (ttUSD)’s mechanism has been through a lot of tests and various hypothesis-testing in which we have prepared many backup solutions beforehand. We can confirm that all investors could always redeem back our ttUSD at a 1:1 ratio despite any unexpected situations.
[May]
https://t.me/decentralized_club/567472
It's time for our live audience to ask pressing questions.
[Monson]
A Bomb Question?
Ready!!
[Jack]
We're ready!
[Max]
ready
---Chat was then opened for the live community to send in their questions---
Segment 4 - Live Questions
[May]
TukTuk Team, please answer four project-related questions.
Try to skip copy-paste questions from bots and reward hunters 😊
[Monson]
Sure
[Jack]
Alright! Please give us some time to pick the questions
4 questions right?
[May]
Yes, please start from the top. 🙂
[Kawua Kader]
Do you have any plans to attract non-crypto investors to your project? Because it is the success of a project to get more investors who are still not in the crypto world. What are the plans to increase awareness around you in non-crypto space?
[Jack]
First question!
I pick this one.
The answer to that is definitely!
Bringing in new investors is always something that all projects should take into consideration.
We cannot deny that the Defi world is yet to be known and used worldwide.
So our job here is to educate and bring in various investors that are interested in both cryptocurrency and the technology behind it.
And as a community manager, my job is to communicate the real potential of TukTuk Finance's products to be at their greatest potential by providing a simple, yet easy-to-understand summary of what the products can actually do and what benefits can our holders gain.
We have various marketing plans on our hands but we would like to develop our main products and complete our next milestone before going FULL marketing.
[May]
3️⃣ more questions to go! 😁
[Ben Stokes]
Do you have audit credentials, or are you working on auditing to make your project more secure and reliable?
[Max]
I pick this question
Sure, we are careful about safety first. In Investment Vault, we choose a very low-risk DeFi platform is Alpaca Finance
The smart contract Vault Invested is secure with Timelock
and smart contract is auditing with Inspex which will be done in 1-2 weeks
When the audit results have passed will be sure to be safe and there will be more investors to invest
And Farming smart contract will be Audit with Certik soon.
[Furiosa III Chan]
Why are the rewards we will receive in the Harvest reward holding program system divided into 7 days to win TUK?
[Monson]
We call that a “Slow Release” function. Once you harvest your reward, 30% will be automatically in your wallet and 70% will be kept in the system for 7 days but it will automatically release 1/7 per day for 7day then all your rewards will be in your wallet. This main idea is to avoid Big whales who come for PUMP and DUMP.
DONE
[Dixy]
English is a popular language ... How does your project plan to spread awareness of its project in different countries where English is not good? Does your GREAT PROJECT have a local community for them to better understand your project? I Think It's Very Important,
Thank You, Sir
[Jack]
Last Question!
I pick this
Indeed, I myself can speak fluently in both Thai and English so I am mainly in charge of both the Thai Community with over 5k+ members and the English-speaking community.
So I see no problem in communication in both languages here.
Currently, we have three official communities, Thai, English, and Japanese community.
For the Japanese community, our team was fortunate to have a team member who is fluent in Japanese as well but unfortunately, he could not be here with us tonight.
We also hire local community managers to manage their community members who are more used to their local language.
All in all, we see no problem in spreading awareness of our project in different countries.
If we see a large enough community from a specific region, we also consider creating an official community for them to speak in their local languages as well.
We aim to have a diverse community and attract all kinds of investors from different regions of the world.
Our project has limitless potential and we always aspire for growth to be known on an international scale.
Feel free to join us in our telegram group and ask any questions! Have fun farming!
https://t.me/TukTukFinanceCommunity
[May]
Aaaaaaand it's a wrap!
[Max]
great
[Monson]
It’s an honor and pleasure for us to be here.
[May]
It's the same for us!
Thank you TukTuk Finance Team! You're amazing and we wish your project all the best!
Until next time, have a great day.
[Monson]
Thank You Decentralized club, hope to see you in our community. Bye.
[Jack]
Thank guys and see you in our telegram group!
[Max]
Thank you all
[May]
https://t.me/decentralized_club/567732
Thank you!
[Monson]
Thank you, May. Have a great day.