Dec 27, 2020
Take Finance AMA Summary with Decentralized Club ✔️
Dear, Community,
Welcome to the recap of our AMA with Take Finance.
Our vibrant and enthusiastic community had a lot of questions to ask. To those who want to know quickly what Take Finance is about, we are sure this recap is gonna help you. So without further ado, continue reading 😉
✔️Introduction with Take Finance :👉
BILLY | Decentralized Club:
Q1. Can you please introduce yourself and also tell us a bit about Take Finance? @Scott_take_finance
Scott take.finance (Admin never PM You first):
I’m founder of TAKE.finance . Personally me responsible for new partnerships and communication with other projects.
Take.finance focuses on allowing borrowers to take out loans and lenders to provide loans by locking their crypto assets into the protocol. The interest rates paid and received by borrowers and lenders are determined by the supply and demand of each crypto asset. Interest rates are generated with every block mined. Loans can be paid back and locked assets can be withdrawn at any time. All who provide liquidity will receive additional rewards in TAKE tokens.
BILLY | Decentralized Club:
I seee. One question if locked assets can be withdrawn anytime then doesn’t it jeopardise the loan facility if everyone decides to withdraw?
Scott take.finance (Admin never PM You first):
when there is an outcome of funds from deposits, the interest rate on them rises. accordingly, this will generate bettet interest for lenders. Ordinary market economy 🙂 And of course Take.finance have own reserves for this measures
BILLY | Decentralized Club:
Excellent. That clears my doubts!
Q2. What is so exciting about Take Finance that we should know about? @Scott_take_finance
Scott take.finance (Admin never PM You first):
We do not hide that we are a fork of the compound protocol. This was done because Compound has passed hundreds of audits and is safe. We have made significant changes to compound protocol and improved tokenomics. All users can stake TAKE tokens and get 200–400% APY rewards for the first months.
Main TAKE token features:
1. Voiting for all events on the Take app
2. Pay commissions for listing of new projects. Buyback from the market and burn.
3. All fees from Take app go to 100% buyback and burn.
4. Staking
BILLY | Decentralized Club:
That’s a bullish list!
Q3. Which are the most important achievements in 2020 for Take Finance? @Scott_take_finance
Scott take.finance (Admin never PM You first):
First of all its our innovate tokenomics.
Secondly is our developer (former dev of https://compound.finance/) appeared in our team, who is extremely inspired by the project and together with us makes a new improved protocol .
BILLY | Decentralized Club:
That’s great.
Q4. Finally, any sneak peek into 2021 plans for Take Finance?
Scott take.finance (Admin never PM You first):
The main goal at the beginning of the year is to launch Take app. Next, we are planning a lot of integrations with other protocols, as well as listing new tokens. This will bring us thousands of new users and good APY for TAKE holders
BILLY | Decentralized Club:
Recapitulation of Take.Finance :
1) Take.Finance let’s people take loans or give loans by locking assets in the protocol
2) Loans and locked assets can be paid in full and withdrawn at any time respectively
3)Upto 400% APY rewards on Staking
4)Good APY planned for TAKE holders as new tokens will be listed and integration with other protocols will happen
Scott take.finance (Admin never PM You first):
exactly!
🐧Community ask Questions by Twitter ✔️
BILLY | Decentralized Club:
Twitter question no 1.
Username : @semogaberkahXD
Most new DeFi projects are just copies of existing ones, they are just useless. So, what’s unique about your project & what makes Take Finance trustable as a long term project for users and investors?
Scott take.finance (Admin never PM You first):
We will take important place of the most DeFi ecosystem.
So just imagine you are founder of any ERC-20 project and you would like to encourage token holders. We can help you to do it through listing token to Take APP. It will bring 2 things: liquidity and rewards for holders. For Take app it’s a thousands new users
BILLY | Decentralized Club:
Twitter question no 2.
Username : @batang_astig
How do i borrow assets from the Take App?Do i need collateral? And what if i supplied another crypto, Do this supplied collateral earn interest on the Take App?
Scott take.finance (Admin never PM You first):
To borrow from any of the major DeFi applications, you need to provide collateral that would be locked in a smart contract. Meanwhile, you receive the loan itself in the form of another asset. You will receive rewards from interest and in TAKE tokens as well
BILLY | Decentralized Club:
Twitter question no 3.
Username : @Crypto_Oppa
What role does Bonding Curve play in the evolution of the Take finance? What can we expect in the future?
Scott take.finance (Admin never PM You first):
A bonding curve is a mathematical curve that defines a relationship between price and token supply. The actual price per token increases as the number of tokens issued increase. And early buyers get better price than following. For early adopters, this is primarily a good profit during the sales phase. According to our calculations, up to 4x
BILLY | Decentralized Club:
Twitter question no 4.
Username : @ASyahteguh
Recently Take Finance successfully passed the Bramah system audit. My question is, can you tell us about this Brama system? And why did Take Finance invite Bramah systems to provide external and independent audits of smart contacts? And what is the Bramah system?
Scott take.finance (Admin never PM You first):
Bramah Systems is a boutique cybersecurity firm focused on security engineering and secure code review. Website https://bramah.systems/
This audit is needed both for sides — Take team and Take holders. Bramah Systems has confirmed that 70% of collected funds will automatically go to the uniswap liquidity pool (700 ETH). Thus, guaranteeing the safety of users’ funds. They also they confirmed that liquidity is blocked for 1 month. You can read the report in more detail, there for more details https://bramah.systems/audits/Take_Finance_Audit_Bramah.pdf
BILLY | Decentralized Club:
Twitter question no 5.
Username : @static_current
How did you came up with the new reward distribution model for take.finance
Scott take.finance (Admin never PM You first):
We are active users of Cream and Compound protocols. COMP and Cream tokens lose value due to the imbalance of supply and demand. In our model, we constantly burn token circulation and suspend the claim of rewards if the price of TAKE token is below a certain threshold
✍️ Telegram live Questions answered by Take Finance ✔
Forte:
Is KYC needed to borrow or use other features on TAKE-FINANCE platform ?
Scott take.finance (Admin never PM You first):
No need KYC for Take app as well for token sale
Calebkure:
1-Increasing Token price
2- make 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??
Scott take.finance (Admin never PM You first):
all of them . If Token Valuable drop we lost token price. If price drops than we lost community trust.
Centos Manager:
Does take.finance gives us staking option in order us to stake take.finance and earn $TAKE?
Scott take.finance (Admin never PM You first):
Yes you can Lend TAKE tokens and earn up to 400% APY. Staking will be launching in Jan 2021
Mark:
As You know, Many people judge a Project By the Token price, What do you have to Say to investors? What’s the plan to increase the Token Demand?
Scott take.finance (Admin never PM You first):
We put 700 ETH to uniswap liquidity and lock it for 1 month. Also we will work with market maker after the token sale
🌙🌟 Inside Of Matrix 🌟🌙:
What is protecting the capital pool from hackers? Could you tell us about security of the liquidity?
Scott take.finance (Admin never PM You first):
we’ll be starting a bug bounty program. We encourage you to report any issues you discover in our smart contract — Ether rewards will be available depending on the magnitude of the issue. More details will be announced shortly
The Lost Planet:
On which technologies will take.finance focus on working next year?
Scott take.finance (Admin never PM You first):
Global integrations with other protocols like YFI, KP3R
