Financial

Swift Finance AMA Recap|

Avax_Daily hosts Swift Finance: #Defi #SwiftFinance #yieldfarm #AvaxDaily #AVAX

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Avax_Daily Admin: Hello and welcome, how are you today?

Timothy: Glad to be here today. I’m doing fine today.

Avax_Daily Admin: Happy to hear! Ready to start our AMA?

Timothy: Yeap! Let’s go!

Q1: Now to start the AMA, team Swift Finance please have a quick introduction to the community. What made you decide to build your project?

Timothy: As a long-time yield farmer, since the days of Goose DeFi, I’ve been through a few farms.

Got rugged a couple of times as well, but overall, after going through pretty much most farms, they all always end up dying after a while.

To be honest, I didn’t understand why back then, simply because I didn’t understand much about tokenomics and all that when I first started as a yield farmer.

But as the weeks went on, I eventually learnt more and also began to realize that a yield farm is basically a business, but most devs look at it as a quick money scheme.

I wanted to build a yield farm that is sustainable and will be here for months or years down the road, so that’s how we came to the conclusion of our APR Reset idea and the beginning of this project!

Q2: Please share with us the background of the team behind this project. What are your past experiences?

Timothy: We are pretty diverse, I would say.

Our full-time team consists of 4 people, where 2 of us actually do not have much crypto experience prior to this.

Our lead dev is however, very experienced, and was also around when Goose DeFi launched around $30.

He’s worked for other projects before so he definitely has experience in building out crypto projects.

For me personally, I have no technical abilities. Most of my experience simply comes from following the markets and news as well as dabbling in degen farming.

So my main role in this project is simply marketing & community management.

Q3: Can you share more about APR Resets?

Timothy: So our APR reset goes back to the idea of all yield-farms eventual road to death and this is mainly because the downward cycle of their token whereas people farm & sell the token, there will be constant sell pressure, reducing the price, which then reduces the APR and this will disincentivize new investors from depositing.

So in a way, long-term farmers are actually “toxic” to the health of the token.

So to counteract this, we basically only allow non-native farmers to farm for up to 1 week. Whereby the end of the week their deposits will be automatically withdrawn so they cannot continue farming for free and will once again have to pay the deposit fee.

This ensures that non-native farmers will not put constant sell pressure onto the token, and the health of the token is well maintained which ensures that the APR’s are high and healthy.

We actually wrote a much more in-depth article about it here:

https://medium.com/@swiftfinance/why-we-believe-our-apr-reset-concept-is-the-greatest-innovation-in-the-yield-farming-industry-855eb4da4b99

Q4: Why do native and non-native farms have the same multipliers?

Timothy: Initially, we wanted non-native farms to have a higher multiplier.

But after understanding more about tokenomics & maintaining a healthy market for the SWIFT token, we pushed it to 50:50.

However, after our first APR reset tonight, our updated multipliers will be as such:

  • LP Native Farms: 4x multiplier
  • SWIFT Single Farm: 1x multiplier
  • Non-Native Farms: 1x multiplier

This will give a ratio of 70% of farming rewards to SWIFT holders, as they are most unlikely to sell.

This will help maintain a higher price & stability for SWIFT which will also help to maintain a higher APR on our non-native farms.

Q5: Let’s dive into your token. Can you share with us your tokenomics? What are some of the $SWIFT use cases? Does it get audited?

Timothy: So in terms of tokenomics our current inflation rate is at about 8% with approx 3 new SWIFT daily, which will continue to reduce as more SWIFT enters into circulation.

And as you know from above, we will be updating the rewards ratio to be giving more rewards to native farmers as well, which we hope will reduce sell pressure.

As for use-cases, SWIFT holders can stake SWIFT & earn wAvax or USDC.e through our pools.

Going back to our APR Reset, because we are able to collect new deposit fees every week, we are able to continuously share these fees with SWIFT token holders. This essentially creates continuous demand for our SWIFT token which is able to ensure sustainability for the project as well.

Regarding audit, yes actually, we recently updated our Masterchef and have submitted it for a Paladin audit which you can find here 👉🏽 https://paladinsec.co/projects/swift-finance/

Once that audit is done, we will be upgrading our existing Masterchef to the audited one. You can also expect our max supply to be reduced from 100k to 10k in this upgrade!

Q6: Let’s talk about partnerships & influencers that you are collaborating with.

Timothy: Technically, we don’t have partnerships finalised at the moment. With our relaunch of lotteries, we will be approaching farms to have their tokens up for winnings.

We have recently approached small influencers but will be paying more attention here in the coming weeks to further expand our reach.

Right now, we’ve been focusing more on collaborating with AVAX news outlets to be featured as well as applying for listings.

Q7: Can you share your Roadmap & Marketing strategy in the next 6 months?

Timothy: For the next 6 months, our roadmap and marketing strategy are:

1. Finding the right mix of rewards and initiatives to ensure yield farmers enjoy farming, especially with a new concept like ours

2. Expanding our base in the Avalanche ecosystem as well as on other chains

3. Develop NFTs that truly benefit the users of Avalanche and Swift Finance

Q8: Where can we find out more about Swift Finance on social media?

Timothy: We’re on Twitter at @SwiftFinanceOff, Telegram at t.me/swiftfinanceavax, and on Medium at medium.com/@swiftfinance.

Avax_Daily Admin: With this, we are now at the end of our AMA session with Swift Finance.

Time for wrapping up, any last words you would like to say to our community?

Timothy: From the Swift Finance team, we wanna say thanks to the Avax Daily team and the Avax Daily community for this AMA session.

We’d hope to see you soon, perhaps during our APR Reset event later. Feel free to ask me.

Avax_Daily Admin: Thank you so much for spending time with our community & all the very best for Swift Finance.

Timothy: Glad to be here today. I’m doing fine today.

Source: https://cryptodaily.io/swift-finance-ama-recap/

Donovan Larsen

Donovan is a columnist and associate editor at the Dark News. He has written on everything from the politics to diversity issues in the workplace.

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