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26 Sept AMA w Megalodon
Q1. Why do we want to have a jaws and fins? Why not, we just concentrate on one of the tokens, for better performance of the platform?
Mega: Jaws is meant to actually serve the yield optimizer platform to provide additional incentives for users that use our auto-compounding services. Now, we launched FINS the AMM/Dex token because to use JAWS as well would be too hyper-inflationary for just one. The purposes of both tokens are separate and their tokenomics and reward structure are too.
Q2. What happens to top-holder rewards? Are only the few to be rewarded?
Mega: We do have many initiatives that will motivate long-term and large holders, It could come in the form of NFTs, airdrops, but we have not fully set our mind on any particular set of rewards to issue. But the most important thing in itself is the very nature of your holdings, whether JAWS or FINS, that we generate for you. The longer we all hold and accrue value, the more beneficial it will be for all of us.
Q3. Why was the referral system stopped?
Mega: This has been done by many other AMMs and the long-term viability is questionable. This will also generate enormous inflationary pressure which does not taper off. Thus it will not be beneficial to long-term token holders. There are also potential security issues due to the referral system. Our NFTs also serve this purpose as a demonstration of the long-term viability of the AutoShark ecosystem. The referral system will be kept as a potential idea to be implemented.
Q4. With the exponential growth of FINs, what happens when we hit the maximum supply?
Mega: We did some simulations and it will take maybe 4–5 years to get to that mid-supply. And that’s a really long time in the cryptocurrency world. Now if that really happens, rewards will slow down as the end of supply is reached. The team is always looking to boost the value and reduce emissions.
Q5. Is the diamond hands initiative still on the board? How will or does it work?
Mega: We are planning rewards for everyone. So we may look into a survey to give a sturdier framework on that.
Q6. Why the discrepancy in APR and APY in vaults and farms?
Mega: When staking into the farm, rewards are fixed so apr is more reflective. People may think tt compounding will be able to hit the APY value by sell fins and form for FINS-BNB LP. This will not happen. When ppl sell fins to make LP, $FINS price is suppressed. Farms go by fixed emission rate, 100k usd a day cannot be increased.
Secondary concept: Maximisers work differently. LP to LP. APYs attainable due to auto compound mechanism. No sell pressure from FINs.
Q7. If all the liquidity of the vault is migrated to the maximizer vault, what happens to$FINS price?
Mega: Not easy to predict value. assuming 7 million USD in LP. The return rate is about 1.36% translating to at least $70,000 in fins generated a day in the dividend vault. This generates $3,500 bought per day in FINs that will compound and will add up linearly. More and more dollars are used to buy fins.
Following this linear progression, you have more and more money to buy FINS with, which pushes up the value of things in the long run. Even if people take profits and sell their FINS down the road, this maximizer will allow us to increase the price floor despite this.
Q8. Will leverage trading be integrated into the platform?
Mega: We actually need higher TVL to even think of such a feature. Though looking at the rate we are growing, we can see this being done in the future, but it will take much more to bring it about.
Q9. Why not just reroute rewards of FINS-BNB into Dividends Pool?
Mega: Rerouting in such a way can’t be done anymore because masterchef contract is immutable and massive to overhaul. Two things with regards to this: Firstly, the maximizer vault was invented just for this express purpose. Secondly, we are trying to educate everyone on what’s the best way, for the project, and for you, our holders, to do things. This maximizer vault enables the optimal way to compound while preserving floor price.
One unique feature of the platform is the Single-Stake-Dividends Pool, that while saturated by deposited value right now, has a high output when the price of tokens is lower. Meaning people are projected to buy back in with lower prices because of higher APR/Y.
Q10. What about the lottery? We had one before but it worked the same way the other protocols do. I believe you took it down since it wasn’t really practical for users buying a lot of tickets and were looking to redesign. Will you bring it back in the future?
Mega: What our team has discussed, is that the lottery system actually simply doesn’t work unless you are in the top 5 of BSC DeFi. There are other ways to create an additional utility for our tokens that provide more value for the ecosystem.
Q11. Will you cut fins emissions due to higher price?
Mega: We have no intentions of lowering FINS emissions for now as it currently plays a central role in project growth. What we can do is partnering with a lot more projects to bring in more users, to experience our polished platform that has great returns.
Q12. How to raise JAWS price?
Mega: Alright so this is a peek into our long-term strategy and how we view the future. Basically, the JAWS token in itself is like a parasite. In order for its price to increase, we need FINS to be at least as strong as it is now and JAWS prices will rise above that. We don’t see that happening right away. This was further delayed as we had to increase emissions to lock in TVL. Now that we are in a better place, we can slightly reduce JAWS emissions for CAKE, while remaining the preeminent place to stake your CAKE. We will continue to cater to JAWS holders and will not abandon the token
Q13. How can we protect FINS price?
Mega: Whitelisting mechanism is active to allow only certain coins to access our farms. One day, when we are larger, we can whitelist everyone to adequately cater to all defi users.
Q14. It’s actually good that firms now show APR instead of APY
Mega: And that’s actually the kind of effect we wanted to create, but now it has become a point in time where we need to start educating users, a little bit better on how the platform truly works, or how we can let APY truly work for you.
Q15. Are we looking to increase any form of burning?
Mega: Burning is more of a marketing tool. Burning will be implemented as and when required to counter inflation, not to increase price. Burning will definitely not be as much as PCS because PCS emission rates cannot be changed.
Q16. How long will FINS-BNB APR stays high?
Mega: Simply don’t sell your fins to make LP and preserve the price floor
Q17. Why can’t I stake fins and just earn fins?
Mega: Why don’t you want to make more money? When we give you more fins and jaws, we give you a higher value too.
Q18. Will FINS be enabled to be used on TreasureKey?
Mega: There are plans, but not immediate ones
Q19. What is the future for LaunchPad?
Mega: We will only focus on projects that can augment AutoShark ecosystem. We want to use our investor’s trust properly by only allowing such projects. We are trying to build more value.
Q20. What does AutoShark want from the community to propel us to #1 status in BSC?
Mega: Continue to foster community spirit and welcome new investors to our ecosystem. Also, please educate yourselves and others on our tokenomics and our products. We hopefully get a great shot at MVB III with your support.
Q21. What about cross-chain growth?
Mega: We won’t be going cross chain for now. We want to capitalize on the momentum in BSC and secure our spot on our own home chain. Only then will we move to another chain, in strength. Needless to say, this will benefit our community in the long run.
Mega On Certik: We will onboard Certik Shield and Skynet for additional protection and as an industry standard
Q22. Can I have more boost on FINS and JAWS in FINS vault?
Mega: Too inflationary
Q23. For new launchpads, will we still use JAWS or do we have the option to use FINS?
Mega: we have to assess individually per launch what is best for the ecosystem.
Q24. Will it be better for JAWS only for Ocean?
Mega: Fins isn’t overlapping. We also need FINS for the farm to be net neutral. We can afford for FINS growth to subsidize JAWS growth
Q25. Now that we are an AMM now, are we now arbitraging ourselves or using bots to do so?
Mega: We are focused on building more products for the ecosystem and not on that particular skill set.
Q26. Why don’t we boost dividends vault to ensure more BNB for LPs?
Mega: We can’t do that too often or too high, as the emission is based on the income of the platform
Q27. Why fins-BNB maximizer can’t just give fins? Why two tokens?
Mega: When FINS and JAWS are given, more value is given to the holder. Another effect is higher trading volume
Q28. When will the devs take a short vacation?
Mega: Probably when we’re in the top 3, then we will think of a short vacation
Q29. Any plans for CEX listing? Does it help us?
Mega: CEX only helps us if it’s a big one like Binance or Coinbase. We have to fork out liquidity and we may not get enough volume in return if these are lower-tier CEXs.
Q30. How many of you in the AutoShark team?
Mega: 4 in the core team, with a larger and well-established support team to handle the day-to-day and business development
Q31. Are there other plans for SS series 1? More Utility?
Mega: No further plans for series 1 and utilities, aside from teasers earlier shared. In our next NFT series, all series 1 Epic and Legendary holders will get 1 and 2 (respectively) new NFTs as a form of dividends. There will be cross-compatibility between series 1 and 2, meaning you can merge and upgrade either. Boosting power stays the same as Series 1, and BNB will be used to purchase. ETA is in several weeks. And we may shorten the time between releasing the Series.
Q32. Will there be any new value/incentives for non-legendary/epic sharks? Otherwise S2’s will make S1’s devalued.
Mega: The Snide Shark Series 1 NFTs will not lose out on value. We have to release a new series because the supply has dwindled enough that if the number of actively circulating NFTs is further reduced, we may see a degradation of value even. Hence to keep up the value and desirability of our NFTs we need to make them available, just in time. This larger stable of NFTs may also enable us to lease them out in the future for farm/vault boosts
Q33. Will we eventually see Flashloan utility for the platform?
Mega: Flash-swappers abuse trading fee rebates for rewards, so for the team, we are not keen to allow that. We have flash loan locks to prevent such.
Q34. Any marketing plans?
Mega: Aside from the full Certik suite, there are several other partnerships lined up contingent on Certik.
Q35. Do we think we will be a September MVB III monthly star?
Mega: A hopeful yes, we’ve been making waves with all our progress, like our 3x TVL and new token launch
Q36: Why not show our faces?
Mega: for our personal protection.
Q37: Why don’t we tweak UI for more intuitive access to farms
Mega: We are focused on delivering value-adding features primarily but we have noted such opinions from the community and will work towards them.
Q38: Should US users be concerned for any KYC procedures from AutoShark?
Mega: None that we are aware of.
Q39: Why is the BSW pool still there?
Mega: At this point, that still retains some value in the investments deposited there. That being said, we will eventually have more supportive projects gracing our vaults and farms in the future.
Q40: Partnership with multiple NFT market places?
Mega: possible but the team is set partnership with the larger marketplace as this brings more value to holders.
Q41: What do we gain from a USDT-BUSD farm?
Mega: It stabilizes trading prices, we have a larger liquidity pool, and the emissions allocated to such farms only up to 4–5%, despite 3x emissions.
Q42: Total NFT series 2 supply?
Mega: about 1000 but nothing set in stone yet
Q43: Do we have merchandise?
Mega: None for now
Q44: Lowering fees in claiming for maximizer?
Mega: We can try, however, most likely we will have to bear with a dollar or two lost. The maximizer vault’s purpose means you allow the value to increase exponentially with a longer deposit period and hence do not need to claim as often.
Q45: Jaws in farm emission rate?
Mega: 0.5 per block. We may modify it to suit the circumstances of the platform.
Q46: Definition for Epic and Legendary holders?
Mega: 5 levels of rarity for NFTs. Level 4 is epic, Level 5 is legendary
Q47: Are you doing more maximizer vaults?
Mega: on all FINS-related ones, yes. But not much more than that.
Q48: What happens to honey farm vaults when it ends?
Mega: That will be up to renegotiation of both parties
Q49: Are we bringing on more projects we can do dividends pool with?
Mega: We can probably do that for the right project that will benefit our ecosystem.
Q50: Is AutoShark considering other Y.O. gimmicks like lotteries and such?
Mega: We don’t have immediate plans for that, but will continue using our Y.O. capabilities
Q51: Will we be offering our platform as model for projects to fork.
Mega: we will open source the dividends model only because it promotes trading volume and brings value to users.
Q52: Are there any plans to expand the team and to hire more devs or even project managers etc ?
Mega: yes we are, however, we need to make room for delegation of responsibilities, etc.
Q53: Do you imagine it would be helpful for each farm to include a small stats section to show past TVL, APR, and for LPs, IL? Was thinking one useful feature would be for a farm you’re staked in to illustrate something like “current IL = X %, farm Y days at current APR and if assets at $C/$D prices to recoup”
Mega: that’s pretty much a portfolio tracker project and will require a lot of work, hence we partner with other projects like WalletNow.
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