AMA RECAP : CRYPTO SQUAD X x BAGELS FINANCE
AMA RECAP : CRYPTO SQUAD X x BAGELS FINANCE
Venue : @Crypto_SquadX_Community
Date : 14th May 2021
Time : 2 AM UTC
Guest : MR. FOX LEE ( Project Lead & Product Architect)
RAGNAR | CryptoSquadX
Welcome @Foxleee . I Welcome All For Another Session of our AMA Session
FOX LEE | Bagels Finance
Hello everyone!
SEGMENT 1 — INTRODUCTION SEGMENT
RAGNAR | CryptoSquadX
Q1. Can you please introduce yourself to our community and please tell us a a quick summary about BagelsFinance ?
FOX LEE | Bagels Finance
Yes! Bagels Finance is a leveraged Yield farming cross-chain aggregation protocol based on HECO/BSC/ETH. It aims to provide users with up to 10 times leveraged yield farming so to earn the highest APY in the DeFi liquidity farming market through strategically interacting with multiple DeFi products and staking assets for farming. As for myself, I’ve worked as engineers and products at Google and Intel. Later as CTO of couple of start-ups in Sillicon Valley. Currently I work at Bagels as Project Lead and Product Architect
RAGNAR | CryptoSquadX
Q2 What are the advantages of your project and who are the competitors for Bagels Finance ?
FOX LEE | Bagels Finance
From the tech side , we haven’t seen any cross-chain yield farming product yet, especially with leverage ;)
Cross-chain aggregation protocol: multi-asset can use Dokodoa to achieve not only cross-chain interoperable asset interaction, but also smart contracts interaction. This allows for cross-chain liquidity mining, as well as cross-chain vault. As for competitors, there are a few projects in the space of leveraged yield farming, including Alpha Homora.
RAGNAR | CryptoSquadX
Q3. Could you please elaborate more about your tokenomics?
What’s the total supply and what kind of plans do you have regarding the token unlocks in the future?
FOX LEE | Bagels Finance
As you can see in the onepaer. We have 110M BAGEL total supply. 60% of which is for mining (vault and leveraged yield farming). 18% is for early investors and IDO. 5+7% for airdrops and other market incentives. As well as 10% for the team.For the team reserve, half of which is locked for a whole year, the other half is linearly unlockd throughout the 1st year for operational cost
RAGNAR | CryptoSquadX
Q4. Could you please provide some progress on your Roadmap and what results Bagels Finance has achieved so far? And any sneak peek into 2021 plans for Bagels Finance ?
FOX LEE | Bagels Finance
Yes! Bagels will launch its mainnet at the end of this month! Beforehands, we shall have a testnet for the public (currently internally testing it), as well as IDOs for our early supporters to participate. We’ve selected a good and strong investor list, and also have a good community base in English, Korean, and Chinese speaking countries. Later on, we’ve planned out multiple product updates already ;) So stay tuned!
RAGNAR | CryptoSquadX
Q5.How has the experience and background of your team been effective in the success of your project so far?
FOX LEE | Bagels Finance
We have a global and decentralized team based in Sillicon Valley, Toronto, and China. Everyone played an important role in this journey! For example, Eric is in charge of our risk management of the product, his background is from Risk management at Canadian Royal Bank. We’ve worked very closely together to cook out the product for the public! Also cheers to our awesome operational partners to get us a strong investor list and community base!
SEGMENT 2 — TWITTER SEGMENT
RAGNAR | CryptoSquadX
Q.1 From (@des_mond_hume)
You point out that Dokodoa is the “Cross-Chain Protocol Solution”, but will this solution really only be compatible with the agricultural yields of Bagels? or could it really work on any other project.
FOX LEE | Bagels Finance
Dokodoa can work with other project/contracts too! Dokodoa is an open protocol. Not only Dokodoa supports assets cross chain, but also cross-chain smart contract interactions. Bagels and Dokodoa do make a perfect combination, and revenue from Dokodoa (cross-chain assets transaction fee + cross-chain liquidity mining tax) will be shared with BAGEL holders!
RAGNAR | CryptoSquadX
Q.2 From (@SujathaMS4)
Bagels Finance is a cross-chain leveraged yield farming aggregation protocol based on. so how does your yield farming protocol work what can users farm using your protocol and what are the requirement for participating in your yield farming aggregation protocol.
FOX LEE | Bagels Finance
Best to explain with an example: a user Alice wants to farm CAKE/ETH from Pancake swap, when she deposits 1 ETH on Bagels, the platfrom can lend her 2 extra ETH (i.e. 3X leverage) to mine CAKE, thus triple the APY. Our early strategies will mostly be based on Mdex of HECO and Pancake of BSC. A user must deposit assets before they can borrow (to participate in leveraged yield farming).
RAGNAR | CryptoSquadX
Q.3 From (@Arista63289753)
On the whitpaper web, sir, there is no mention of the investor supporters of the project coin bagel who are the biggest backers of funds in this project because only with big names will break the growth of this project so who are the strong investors in the project?
FOX LEE | Bagels Finance
Good question! Here is a list of our investors/partners. We have over 20 institutional investors from different countries, most of which are our in-depth partners!
RAGNAR | CryptoSquadX
Q.4 From (@setzsuko)
What is your strategy for building a strong community? Do you agree that the power of the community will lead your project to develop globally? What services do you provide to the community?
FOX LEE | Bagels Finance
The above partners have offered us much help, and are our very important operational partners as well! We currently have a pretty good community base in English, Korean, and Chinese speaking countries! Community is our heart! We will launch DAO governance in our V2, and Bagels will eventually governed and run by all of us! We are also sharing 40% of the platform revenue with BAGEL holders, as well as 20% for buy-back and burn!
RAGNAR | CryptoSquadX
Q.5 From (@shihaz_2_0)
Can you tell us some of the remarkable ways to earn more $BAGELS in your platform? What is your plan to boost the value of $BAGELS in the market? Thank you
FOX LEE | Bagels Finance
Yes! You can earn $BAGEL in many ways. You can earn BAGEL from depositing assets (what we call Vault farming), as well as participate in leveraged yield farming. You can also participate in our LP pool (liquidity mining ) to earn BAGEL. We also offer Bagels Armor where there are different lock-in options where you can boost your mining returns.We have many plans in place to make Bagels go big in the market ;) This includes our investor selections (we’re glad we’ve chosen some good and global partners), our marketing and community (currently in English, Korean and Chinese based communities), as well as our product (Many updates prepared in place, for example DAO governance in our V2). We believe through our hard work and also all our partners’ supports, we can make Bagels where it’s supposed to be! ;)
SEGMENT 3 — LIVE Q & A
Q1 FROM @TradeFilipino23
You are a DAO. Is this means you hate or you are fully against CENTRALIZED Solution?
FOX LEE | Bagels Finance
Haha, HATE is a strong word 😂 But i’ll make and example of our approach to things. For example, most cross-chain solutions in the current market are either too centralized, or too user unfriendly. The former solution usually uses centralized exchanges to achieve assets cross chain. The latter mostly uses relay chains where users need to authorize, wait for block produce time, etc. Our solution is to use state oracle smart contracts deployed on different chains + wrapped assets to achieve cross chain. It’s more decentralized than most solutions in the market, and keep it user friendly. That’s the part we can do!
Q2 FROM @anuragck22
Smart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secured is your smart contract, and did you ever audit it via any external party?
FOX LEE | Bagels Finance
Product wise, as mentioned, Eric from Royal Bank of Canada is in charge of our risk management. For leverage, Bagels will only offer 10x leverage on stable coins considering the risk. For asset such as ETH, Bagels can provide max 3x leverage currently. We’re also very careful about selecting our mining strategies! Most strategies at the beginning will be based on Mdex of HECO, and Pancake of BSC. You will be able to see those strategies and features yourself very soon on our mainnet! Contract audit wise, we’ve already passed our 1st audit with Knownsec, and having our 2nd audit on-going with CertiK! We’re engineers! and we’re careful about these things
Q3 FROM @vodafonekerala
FOX LEE | Bagels Finance
I’m very sorry to hear that is a matter of fact, most of us have been there. That’s why is important to learn about the projects, and do your DD. For us, we’ve had 20+ trusted institutional investors right now, they trusted us with their money, and we’ll do good by their trust! Working very hard on product end to ensure that! Yes we’re audited
Q4 FROM @Lightening_47
Really why implement such low APYs in Bagels stakeouts, with a max of 30–90%? Why not really implement much higher APYs as in other income generating platforms?
FOX LEE | Bagels Finance
In leveraged yield farming, APYs provided by Bagels is your original APY times 3–10 Plus you can mine BAGEL at the same time to boost even more your APY. Our goal for Bagels is to provide the highest possible APY in the whole space!
— AMA CONCLUDED —
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