Earlier today, 29th April 2021, Robert from Crypto Bulls, hosted an AMA with Greg, a member of our social media team.
Robert CM — Hello, I am a representative of the Bull crypto community
I’m glad to have this meeting with FilDA, Our goal is to get acquainted with FilDA 😇
We have a number of questions that we want to ask the FilDA team and our goal is to get acquainted with FilDA 🙌
Greg — Excellent. I’m here to answer the best I can.
Robert CM — Can you tell us about yourself?
Greg — I’m a community volunteer and help with social media including Twitter and Telegram. I also consult on website developments and community requests for DAO governance votes.
Robert CM — What milestones have FilDA achieved so far?
Greg — We launched in early 2021 with a handful of assets for borrowing and lending, and mining pools.
Very quickly we added further assets and have reached a deposits and loans total exceeding 2.1 billion USD.
We have formed strategic partnerships with MDEX and DOGESWAP among others. And we were listed on Huobi this month.
We also won the Huobi Golden Creator Award in their event.
Robert CM — What new features are on their way?
Greg — With our partners we have added collaborative mining pools that can be accessed on both our sites.
1: We are investigating Flash Loans.
2: Use your savings to repay the loan
3: Conversion between different types of deposits, such as changing btc deposits to eth deposits.
4: Third party markets
You can borrow FilDA tokens more conveniently in the third-party market to invest for profit.
The biggest difference from a defi project on ETH, is that the rate of return on HECO is very high, for example, USDT can reach 50% APY.
And the fees remain very low.
Robert CM — What is the next BIG development for FilDA?
Greg — Well…
We have found an Italian web designer to add some style, an improved UX and user-friendliness to our website. It’s looking fantastic already and we can’t wait to launch the new site for our users to enjoy.
Hold on. Let me show you a sneak peek…
It’s still in progress, but it’s quite a change already.
Robert CM — How can the community get involved with FilDA?
Greg — We have a Chinese WeChat community (a large user base is based in China).
We are also growing our Western exposure and networking. The Telegram group is friendly, informative and available to English speakers. Even if English isn’t your first language we usually have members who can help.
We also have a growing Twitter following and send all updates through tweets. More detailed articles are published on Medium.
Find us, join us, share the FilDA word.
Robert CM — Why did you choose HECO?
Greg — HECO stands for Huobi ECO Chain, where there are a large number of users and assets, and the gas of the HECO chain is very low. Users can easily participate and will not be burdened by high fees.
We have a large community base in the East, all of which can help us quickly start and as we grow, with HECO, we hope to show that HECO is a solid DeFi platform to rival others.
We surpassed 500 million US dollars TVL within one month of launch. This was incredible. And the growth has continued.
Of course, we will not stop here.
We cooperate with ShadowTokens and PolyNetwork on cross-chain technology. They have connected BSC and ETH, and we will continue to expand on this foundation.
Robert CM — Is the FilDA project safe and friendly to investors
Greg — First, we love DeFi. The spirit of DeFi is the spirit of the blockchain. It is a world of “I am for everyone, and everyone is for me”. Therefore, we had no private equity, no pre-mining, no financing, everyone is with us from the same moment; fair launch. We are FilDA, you are FilDA, everyone can be FilDA.
The team receives 5% token rewards from mining, which is used to support the continuous operation of the team and the project, and the other 95% are for rewards across the platform.
From the team’s 5%, a bonus is given to those in the DAO pool too!
Secondly, safety is the most important foundation of a project. We are the first DeFi project on heco to cooperate with Chainlink. Even we cannot change the price of assets. We also invited 3 security companies to do code audits to ensure asset security. (We passed 😁)
On the one hand, we want to be fair to everyone, and on the other hand, we want to be safe for everyone. This is the DeFi we pursue. Our users agree.
Robert CM — How might the tokenomics be amended in future?
Greg — Currently we have just under 50million tokens in circulation.
The total amount is 500 million.
These will be steadily released over 4 years (from launch)
The release is currently distributed thusly:
65% banking
15% LP
15% DAO
5% team
Owning FilDA is owning the right to vote
At its peak, FilDA had US$2.1 billion in deposits and loans, and it is currently 1.2 billion. Owning a single FilDA can allow a holder to participate in FilDA governance.
At the same time, we will also provide more rights and interests for DAO holders. For example, our upcoming services will be discounted for DAO users.
Here’s something new to the community today… fees for the future features will be used to buy back and burn FilDA.
Deflationary mechanisms are being prepared.
Robert CM — Finally, Can you talk about your roadmap & targets for this year?
Greg — It has been asked whether FilDA could ever launch on another chain? BSC/ETH etc.
Nothing is impossible…
We are also looking at the borrowing of emerging assets, and NFT lending.
FilDA is growing. Watch this space.
Thank you for the questions. Some interesting ones and I hope the answers have piqued the interest of existing and prospective users/buyers.
Robert CM — My questions are over. Thank you for introducing my community to the strong FilDA project. Thank you 💐
Questions from the audience
In which regions of the world is your project succeeding? I know of Africa, can you tell us how has your experience been in those countries?
Greg — We are a global DeFi bank. All are welcome. No borders.
What is the most ambitious goal of your project? I would appreciate it if you could share with us any Upcoming Updates?
Greg — Please follow on Twitter and Telegram and you’ll get the info as fresh as it comes.
What are your Vision for Defi? What is your contribution for the development of DeFi?
Greg — Fair rewards for users. No team dominance. DAO governance. Success together.
Who are your main competitors? Aside from not charging fees for getting listed what else sets your project apart from your main competitors?
Greg — We look to our efforts and not those of others. We strive to provide the best platform we can. So far this has driven our TVL to over 2.1 billion at its peak. Next is to surpass that.
What are the list plans of your token? What will you do in the future so that your token can list other exchanges and moreover dramatically increase transaction volume?
Greg — We have multiple CEX and DEX listings and more may well be introduced in time.
Which do you think is more important:
A. Community
B. Investors
C. Token Price
If all of the above is important to you, which should come first?
Greg — Priority is ABC
Whether a token is valuable or not depends on the community, just like Bitcoin. The second is investors, they are early adventurers. The price of the token is the result of the previous two and we cannot change it
How do you intend to go about education about your tokens and its features apart from amas are there any marketing strategy put in place to ensure massive adoption and people hodl for long
Greg — The DAO governance is reason enough to hold. But the new features, with discounts for FilDA holders, is another treat.
A project can’t be successful without the following components :
*reliable & active community
*strong partnership
*financial stability
*token value
*above all, SECURITY
amidst those listed which do consider should be your top priority. ?
Greg — How can we order these?!
We are interested in all of these. So hard to order. They all have their place!
Most new DeFi projects are just copies of existing ones, they are just useless. So whats unique about your project & what makes FilDA trustable as a long term project for users and investors?
Greg — There are countless banks in this world, and they are all the same in God’s eyes. But the details are different. We are one of the largest “banks” on the Heco chain. When faced with Compound and Aave, we are currently targeting users in the Eastern market. These users are happy to be able to use a service with such low fees.
The rewards and interest and governance opportunities are pretty strong already. We can consider bounties though. Message received.
Probably some projects will not be able to continue their development and will be left unfinished. Thanks to what features can FilDA be a long-term project?
Greg -Lending is our core business. It’s already been enhanced. More rewards were channeled to this part of the bank via a DAO vote recently.
Actually, now I see a lot of scam projects in the community that make people afraid to invest. Can you tell me FilDA is working fine? What evidence shows us that?
Greg — We’ve passed 3 audits and seek to reassure all users that their funds are safe. They are!
About the Project of FilDA , actually there are a lot of Defi projects fighting to survive. What is the strategy for this project to win liquidity and survive for years?
Greg — We strive to provide the following:
Best rates, best community, best development. Simple but effective so far.
Does FilDA plan to introduce Governance Mechanisms, which are so popular these days? Do you think it is necessary at this time? If not, what path will you take to strengthen the values of decentralization in the protocol?
Greg — Absolutely. The DAO is evolving and further votes will occur to shape the project and the DAO itself
What is business model of your project? How it works? And who are your potential customers and which markets are you targeting on?
Greg — Like banks, the interest difference between loans and deposits is a source of income. The goal of DeFi Bank is to help users make money. This way of making money is different from traditional banks. Traditional money can only do one thing at the same time, and DeFi money can do many things at the same time. We will work with our partners to combine multiple benefits. We can give to the user together, so that his money can earn several shares at the same time. This is the source of DeFi’s high income, and we can also share some handling fees.
How do you keep all users to stay with FilDA for the long term? From one to ten how safe is FilDA ? and why should I trust your project?
Greg — FilDA can help you earn more than 50% of annualized income. Will you use it for a long time?
All smart contract codes have been audited by 3 security companies and can be verified. At the same time, we are about to add a time lock to the contract. It means that any modification must be delayed for a period of time, so that no one can immediately change the status quo. This will give you time to withdraw funds when you feel that the situation is not right.
Come and join the fun.
We. Are. FilDA.
