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14 Sept AMA w Megalodon

Decentralized Exchange and FINS Questions

Q1. Could you explain why AutoShark needs a new token (FINS), to continue innovating? That is, how necessary is the design of a new token for the development of the ecosystem?
We don’t want to spoil JAWS’s beautiful virtuous tokenomics by adding more elements. This is why we started a new token — FINS. This will prevent excessive minting of JAWS.
Q2. What are the use cases of FINS?
  1. 1.
    FINS makes you money via farming and staking
  2. 2.
    Enables launchpad
  3. 3.
    Trading rebates
Q3. How long will you be able to follow / keep this “150% rebate on your trading fee” manner? Will FINS affect this?
FINS will not be taking a 150% approach like we initially did for JAWS trade mining. We will likely be doing a 100% rebate. Rebates can also be tweaked based on projects that we onboard to incentivize trading that respective token.
Q4. What can we stake FINS for?
You can stake FINS for BNB, FINS for FINS, and FINS for other project tokens that will be listed on our exchange. Our BD team is actively looking for partnerships!
Q5. How do we ensure the liquidity of FINS to prevent large price fluctuations during trading?
We will be using the raised amount in the launchpad to immediately provide liquidity for FINS.
Q6. Will the buyback for FINS differ from JAWS?
Buyback will be roughly the same. For example, during instances of NFT sales, we will do buybacks and burns from both sides. We might change the % split between the 2 tokens, but it should largely stay the same.
Q7. What happens when all FINS tokens are minted?
For the emissions of FINS, we will modulate it such that it tapers towards the ends, such that it will take a long time to hit the max supply. Once we hit the max supply, the team will bring in some innovative efforts to manage the ecosystem :)
Q8. Trading fee’s dividend reward is pretty much the main counter measure for FINS inflation, is there already a target volume of trading in your mind?
Our goal is to hit 10M trading volume as soon as we can. This will mean $10,000 in rewards for the AutoShark users! As it scales — more rewards.

Launchpad Question

Q9. How long will the JAWS-BNB remain staked in the launchpad after it ends?
- All it takes is a single button push to allocate the appropriate FINS tokens. You should be able to claim the token within hours.
Q10. Will the launchpad continue to be run on JAWS-BNB or will it shift to the FINS-BNB?
It depends! We will actively assess which token would require the burn more. sometimes, JAWS or FINS would benefit more from the respective project to be launched. Eg. if a babyJaws token wants to launch with us, we will favour JAWS.

Yield Optimizer and JAWS Questions

Q11. On what part of DeFi does AutoShark focus to find partnerships nowadays? Which muscles do you think you need to make stronger now?
We have been hiring business development from our own APEX team, who have been reaching out to partners. We also have been hiring developers to speed up and strengthen product development. We also have a dedicated designer.
Q12. What is the price where JAWS enjoys a virtuous cycle?
An APEX member did some math recently, and that price is approximately $0.8-$0.9.
Q13. How long will the boost for JAWS-BNB last?
Once the launchpad ends and JAWS-BNB liquidity stabilizes again.

Security and Audits Questions

Q14. How many audits have you had so far? Which steps will mean another audit for AutoShark Finance?
We have continual audits with our anti-flashloan specialist, WatchPug. Their team constantly reviews any contracts that we have made for us.
Q15. What additional measures is AutoShark taking for security?
We wrote code to prevent flashloans. But it’s not just about flashloans, all sorts of economic exploits (eg. re-entrancy) are on our radar.
Our audit specialist, WatchPug is constantly reviewing our code to prevent any possible exploits.
Q16.Is the FINS contract submitted to Certik?
Yes, FINS is being audited by both WatchPug and Certik for comprehensive checking.

NFT Questions

Q17. How will Snide Shark NFTs interact with FINS/AMM?
- NFTs will be compatible with FINS. You will get a boost on the % of FINS you will receive as a reward.
- We are also planning airdrops for Snide Shark holders.
Q18. Can you balance the Legendary Snide Sharks to give it a larger incentive?
- We don’t have plans to further incentivize the legendary sharks as of yet, as it doesn’t benefit the entire ecosystem as yet. However, we will take the boosting balance into the review.
- As the entire ecosystem grows, we will do re-balancing and reviews of how to incentivize people to craft the legendary tiered NFTs.
Q19. What do you think about NFT games ? Can you introduce games into AutoShark’s ecosystem?
We will remain in DeFi services and add more gamification to our ecosystem. However, we are unlikely to introduce a complex game into our ecosystem.

Marketing Questions

Q20. Tell us more about marketing plans!
@autogreatwhite is on it! He is constantly reaching out to potential partners along with our trusty BD team.
Yes, we will have more community events to increase engagement and more frequent AMAs.
Q21. Will we be working on introducing our Snide Sharks to the Binance NFT Marketplace mystery boxes?
Yes! We are actively talking to Binance already. We’ll surely look into the mystery boxes as a way to gain exposure.
Q22. How are we planning to win the MVB program?
We are already setting up bug bounties on ImmuneFi.
We aim to build more to win. DEXes tend to win because of the way the DEX contracts are structured. Once our AMM is released, we will have a far better chance to win.
Q23.Can we partner with more GameFi projects?
Yes! We would love to work with the gaming-focused DeFi projects to raise exposure. @Pete_just_Pete has recently managed to secure a partnership with Black Eye Galaxy for cross-exposure.

Other Questions

Q24. Which coin is more important? JAWS or FINS?
Hey, trick question! Both work hand in hand to sustain the AutoShark ecosystem. We will equalize the importance and focus on both tokens.
Q25. Is the team sustainably earning a salary?
We have been getting by fine! For the longest time, the team has not sold JAWS that are minted for ourselves. We have been using it for partnerships and payments for services. When FINS comes around, we will be earning our salary by staking FINS in the FINS dividends pool. We hope this provides a ton of assurance for everyone because we earn dividends together. :)
Q26. Any plans to expand to other chains?
We have considered newer chains like Solana, but decided to focus on BSC now.
Q27. Are we still moving forward with 1Swap? (The layer 2 trading service that optimizes fees and slippage)
We have to stabilize the AutoShark AMM first. FINS must reach a more mature stage before we move towards building it. At the moment, only JAWS will benefit from this layer 2 trading service. This product is still on our roadmap. The team is still assessing the best entry and the optimal design and implementation of the algorithm.
Q28. How do you plan to survive the bear market?
We must ensure positive sentiment in our community during the bearish trend. We will continue to reward everyone through this weak market. We will continue adding more initiatives even through this difficult period to maintain the price of JAWS and FINS.
Q29. Will the “random” burns apply 50% to JAWS and 50% to FINS?
The burns might not be a 50–50 split, it will be based on the team’s discretion. We will manage the split based on the strength of each token!
Q30. When are we getting listed on CEX?
No timeline on this. We’ll try our best.
Last modified 2mo ago