Crypto Wizards AMA With Hotpot Finance
Guest: 0xBSCSaviour
Introduction:
Q1) Can you give a brief explanation about 'Hotpot Finance' .What popped up in your mind to create such a platform in This Space?
Ans:Sure! We here at Hotpot Finance have been yield farming for a long time. Since the days of Goose Finance.
While we have farmed in many different and unique farms, we realised that almost every farm life cycle follows a certain trend.
Each of them pretty much experiences a big boom during launch, and eventually goes through a big bust, before slowly dying and fading into obscurity.
This is bad news for the everyday holders as it forces farmers to hold their bags at losses, with the project eventually fading to obscurity.
We studied this pattern greatly, and now are confident to have created the first ever truly sustainable yield farm.
To accomplish this feat, we have implemented 3 DeFi features which we feel will help us to accomplish our goal which are the bonding mechanism from OHM, the APR Reset feature from Swift Finance and DinoSwap's Extinction Pools.
Q2) So what are your main features and advantages that discern you from other projects?
Ans:Great question!
At Hotpot Finance, we have implemented 3 of the best DeFi features which we feel will help us to accomplish our goal.
The first feature is the bonding mechanism which was popularized by OHM. However, we will be adding our own twist such as supporting both our native LP token pairs, as well as supporting WBNB-BUSD.
The second feature is the "APR Reset", which allows the project to collect fresh deposit fees every week, by having farmers to deposit on a weekly basis to enjoy high APRs. This allows us to collect deposit fees every week, ensuring we have continued revenue to operate the farm. These deposit fees are also shared among our $MEAT holders, where farmers can burn $MEAT and earn BUSD!
This will create deflationary pressure while also retaining demand for $MEAT.
Finally, our third feature is the Burn Pots (Extinction pools), executed beautifully by DinoSwap. This feature allows users to burn their $MEAT to start earning other tokens such as $BUSD. Since the $MEAT is burned, it will create a positive price impact, whilst providing utility to the token!
With these three DeFi features implemented, we believe we are able to topple any and all competition in the Binance Smart Chain network!
Q3) How has the experience and background of your team been effective in the success of your project so far?
Ans:Right now, we're a 2-man team.
Personally, I have done some yield farming in the past during the early BSC days until now.
I've studied how the yield farms have conducted themselves and thought of this innovative approach to create a highly sustainable yield farm.
I also have coding and marketing experience, which gives me an advantage compared to most teams.
We've recently hired a new team member who's done viral marketing campaigns in the past so stay tuned for more marketing updates from us!
4) Now Share us about your Native token, What are the some of utlities of $MEAT Token in Your Ecosystem? And if possible share to us the Tokenomics
Ans:With our $MEAT token, you will be able to stake and burn them in our Burn Pots — where you will then receive BUSD in return.
Other than that, you can also opt for our bonding mechanism where you can provide $MEAT LP tokens to earn more MEAT at a discounted price.
We have burn mechanisms in place to counter the inflation from the yield farm rewards being produced.
This can be seen in our Burn Pots as well as our harvest fee (where if users harvest within a specific time period, they will have to pay a 50% harvest fee).
5) So how long did it take to develop this project? What plans do you have for the future? And what can we expect from Hotpot Finance? If possible could you please share road map with us.
Ans:It took me a couple of weeks to develop this project, from the idea conception to coding it out as well as strategizing the marketing.
Right now, our farming rewards will be going LIVE on 22nd December 2 P.M. UTC, where you will be able to enjoy your yields.
After that, we will have in place our Burn Pots as well as the bonding mechanism.
There are more plans being thought of which we will update the community very soon.
Twitter Segment:
1) The introduction video clearly indicates that Hotspot Finance wants to be way different than other projects . How are you planning on standing out from other Defi projects that works on the similar principles ?
Ans:At Hotpot Finance, we have implemented 3 of the best DeFi features which we feel will help us to accomplish our goal.
The first feature is the bonding mechanism which was popularized by OHM. However, we will be adding our own twist such as supporting both our native LP token pairs, as well as supporting WBNB-BUSD.
The second feature is the "APR Reset", which allows the project to collect fresh deposit fees every week, by having farmers to deposit on a weekly basis to enjoy high APRs. This allows us to collect deposit fees every week, ensuring we have continued revenue to operate the farm.
These deposit fees are also shared among our $MEAT holders, where farmers can burn $MEAT and earn BUSD! This will create deflationary pressure while also retaining demand for $MEAT.
Finally, our third feature is the Burn Pots (Extinction pools), executed beautifully by DinoSwap. This feature allows users to burn their $MEAT to start earning other tokens such as $BUSD. Since the $MEAT is burned, it will create a positive price impact, whilst providing utility to the token!
2) Can you indicate a feature or feature that you like best about the platform so that it can compete with other competitors? What are you most confident about for your platform? Do you have plans to get users to choose your platform?
Ans:For me personally, I like the APR Reset feature.
With that, it allows farmers to enjoy high APRs on a weekly basis as the farms are "resetted" every week. No more worrying about coming in late to a farm and getting low APRs!
With the combination of our 3 DeFi feature working in synergy with each other, we are very sure that users will opt for Hotpot Finance 💯💯
3) What are your marketing strategies and how will you have a global expansion and adoption fo your project where English is not spoken?What are your next upcoming priorities? What is in your roadmap ?
Ans:Right now, we will be focusing on having more AMAs and giveaways. We will also be having ads on yield farming/crypto websites and will be approaching influencers to promote us soon.
For our roadmap, our farming rewards will go LIVE in around 24 hours time so come to our website right here and enjoy some high APRs —> https://hotpot.farm/
4) What makes you feel confident about the survival & sustainable success of Your project in the near future?Do you have a Token Burning plan to increase Token value and attract Investors to invest?
Ans:It's because we're combining the 3 DeFi features I've mentioned earlier which will work in synergy to ensure the farm remains sustainable.
We do have token burning mechanisms which will counter the inflation. One is through the Burn Pots and another is through the harvest fee mechanism we have in place — where we will burn the harvest fee we've obtained from farmers who harvest too frequently within a specific time period.
5) Most investors are looking for short-term profits. They will sell the token as soon as it is listed on the exchange. So does project have any plans to prevent investors from selling tokens early? Do they get any benefit from holding token?
Ans:Yes, the benefit from holding the token is that through our Burn Pots, you can stake + burn your $MEAT to earn BUSD. Why would you sell a token that gives you passive income? 😂
And with that PLUS our other DeFi features, price action will surely be positive as these features work together in synergy to support each other ✅
Live Q&A:
1) Where can I currently buy your Token. What are Your current contract address? And How can I buy them. Is it available on any exchange and what are the benefits?
Ans:We are now listed on PancakeSwap. This is the contract address: 0x00438AE909739f750c5df58b222Fe0Bde900C210
We will be launching our Burn Pots soon where you can earn BUSD when you stake and burn your $MEAT
2) Do you have any Coin Burn / BuyBack systems or any Token Burn plans to increase the value of Token & attract Investors to invest????
Ans:We have our Burn Pots where you can stake to burn your $MEAT and earn BUSD.
Not only that, we will also burn our harvest fee that will be imposed on farmers who withdraw too frequently in a specific time period.
3) Do you have any....
1. Telegram Group
2. YouTube channel
3. Medium
4. Website
5. Twitter
6. Discord
For this project?
Please share with us link..?🏵️🌺🥀💓
Ans:Yes, we do! Here it is!
Telegram: https://t.me/hotpotfinanceofficial
Twitter: https://twitter.com/Hotpot_FinOff
Discord: https://discord.com/invite/mvGBQK5vTt
Medium: https://medium.com/@hotpotfinancefarm
Website: https://hotpot.farm/
4) Can you share the achievements the team has achieved so far? what are the main achievement targets? "HOTPOT FINANCE" that has not been achieved. If possible, share your roadmap as well.
Ans:At Hotpot Finance, we have implemented 3 of the best DeFi features which we feel will help us to accomplish our goal.
The first feature is the bonding mechanism which was popularized by OHM. However, we will be adding our own twist such as supporting both our native LP token pairs, as well as supporting WBNB-BUSD.
The second feature is the "APR Reset", which allows the project to collect fresh deposit fees every week, by having farmers to deposit on a weekly basis to enjoy high APRs. This allows us to collect deposit fees every week, ensuring we have continued revenue to operate the farm.
These deposit fees are also shared among our $MEAT holders, where farmers can burn $MEAT and earn BUSD! This will create deflationary pressure while also retaining demand for $MEAT.
Finally, our third feature is the Burn Pots (Extinction pools), executed beautifully by DinoSwap. This feature allows users to burn their $MEAT to start earning other tokens such as $BUSD. Since the $MEAT is burned, it will create a positive price impact, whilst providing utility to the token!
5) Is your platform suitable for crypto beginners? Or does it only limited for professional users ?
Ans:It is available for every yield farmer. It doesn't matter how familiar you are with the features as we are open to guiding you through it.
We will also have video guides really soon to help our farmers with using the features on our farm too.