AMA Relived!!: Pentoshi x Smarts Finance💥

We continue on our journey to enlighten more people about the Smarts project and top of our discuss today with Pentoshi community are the technical solutions which Smarts is proposing.

In this episode; you will learn more about the solutions Smarts is proposing as @anthony_bit and @hillary_sam provide answers to some of the inept questions associating most DeFi projects through the birds-eye view of Smarts Finance solutions.

Sonny, our host walk us through this informative session…

Sonny:

💬💥 Our AMA with Smarts.finance is now Live!

Sonny:

With us today is @Anthony_bit. So, semi-anon team. Which part is the semi and which will stay anon?

Anthony Paul | Smarts:

Hi Everyone its really good to be here

Co-hosting the AMA with me is my partner and co-founder @hillary_smat

I believe we will provide needful insight into this as we roll on with this awesome community.

Sonny:

Alright. Let’s get this started

Sonny:

Smart is not claiming to reinvent the wheel, rather, it’s optimizing those commonly used operations that end up costing fortunes. Could you tell us more about this?

Anthony Paul | Smarts:

Yes. We aren’t proposing any new products that have not been used elsewhere rather we are fixing some loophole many of these products can improve upon.

Firstly, our farming approach features limiting the gas cost for every transaction made in a liquidity pool. We all know how ETH transaction cost can be expensive and a solution to limit this cost is highly welcome by the users and community of the blockchain.

We can achieve this by pooling deposits together in a single pool and submitting or executing this via a single transaction.

The effect of this is that the gas cost per account will be limit by 100x folds compare to known values.

Also calling the unlocking function of our staking products charges very little has fee. The withdrawal fee assign for this purpose is also very minimal compared to many similar platforms.

The sole aim is to limit the barrier of entry to using various kinds of DeFi services.

Sonny:

By pooling deposits does it mean there will be a window for users to first deposit or they can deposit at any moment but the deposits get executed at fixed intervals?

Anthony Paul | Smarts:

Yes, in order to achieve this there will be a window to deposit to the pool

This also means everyone has the privilege to get into a pool at a similar rate.

Sonny:

Awesome. That certainly addresses the “oh lord, I was asleep when the pool launched” problem most of us often run into

Anthony Paul | Smarts:

Exactly. That’s the point

Sonny:

Smart is also addressing liquidity issue especially with newly issued tokens. How are you making it possible for providers to be more integral to liquidity provision?

Anthony Paul | Smarts:

Firstly, we know how liquidity is important to the tradability of a token. LPs are the ones making the decentralized finance notion a feasible one.

Thanks to Uniswap for that.

In order to allow more participation, a major way to do that is to find a tangible way to incentivize these contributors.

This same notion applies to us. There will be distributed incentives provided to LPs to commend their efforts and contribution to our platform and indirectly the DeFi growth at large.

With this, we believe continued participation can be encouraged, show-casing their importance with our network.

Sonny:

Still on liquidity, it’s currently in a fragmented state often without interoperability between ecosystems — say uniswap and balancer. Will you be sticking to a particular ecosystem or?

Anthony Paul | Smarts:

We are open to all outlets. However, we must consider platforms that users are more conversant using.

As there is a stake of funds to consider and not everyone is okay losing their funds to things they don’t understand.

We all know the go-to platform when it comes to this, and that is where the majority of our engagement will be based around.

Sonny:

Nice to see you’re open to other avenues too — have to have a finger on the market’s pulse for that.

Sonny:

Back to the subject of an anon team — on the one hand, the industry tends to be extremely wary such; on the other hand, we’ve had anons from Satoshi to Chef Nomi ushering innovations into the industry. How will you be instilling confidence in the community and the product?

Anthony Paul | Smarts:

This is an important question as we are seeing different patterns of behaviors.

We set out to be anonymous not because we are shy to defend what we set out to do but because the regulatory stance backing crypto in our jurisdiction limit how we can interact especially as a project owner.

Our first step to eradicate the barrier within this is that we deployed a multi-sig contract with our devs with are from an oversee country and with another reputed public figure in Korea (ICO Pantera)

Currently, we have 4 permissions on the wallet (the 2 founders, our devs and the Pantera group).

This was to eradicate the barrier of TRUST

However, as we journey along, we came to understand this approach is not fully accepted by everyone especially as we are a new startup.

We then took the ultimate step by personally verifying our identity with Dextool.

And I am glad to tell you, we passed the KYC and are also a DEXTools sponsored project.

Sonny:

Good news! That should calm some of the jitters. I’m assuming public audit of the protocol is another tool you’ll be employing, right?

Anthony Paul | Smarts:

Yes.

That is important and necessary

Recently we conducted an internal security audit with our CTO who is a security expert with an auditing company under his belt.

However, we believe since they are part of the team, additional audits are needed.

We are open to external audit and have already contact known auditing firms

This is the profile of the CTO

https://www.linkedin.com/mwlite/in/jorge-rodriguez-115570139

https://t.me/smarts_ann/35

And that is the audit report

No known issue was found with our Smart contract

Sonny:

Additional audits will certainly be appreciated by the community given the current state of the industry. Speaking of states and audits, Smart also have lending and borrowing features. The elephant in the room right now will be flashloans… how do you feel about them?

Anthony Paul | Smarts:

Flash loans is a great addition to the DeFi suite of products as it allows one to borrow and utilize money that isn’t owned without any collateral.

However, we haven’t devised a way to incorporate this model into our product offerings. But we are open to propositions that can improve our product usage and give more flexibility to our users and may consider it in the future..

Sonny:

Understandably, no point risking the ecosystem over a feature that has been a double-edged sword in its current state

Let’s talk about one of the interesting features of your platform — a lockup liquidity mining model. What percentage will be locked up and what’s the vesting schedule like?

Anthony Paul | Smarts:

A lock-up liquidity mining model refers to participants’ liquidity lockup action. This is only applied to our users. However, as the project coordinator, it is very demanded of us to lock up funds into liquidity.

With the recent development at least 40% of raised fund will be locked up by us into Uniswap and will be subjected to a lock-up period of 4 years.

Regarding our liquidity mining model, deposited liquidity funds will be subjected to a lockup period of 3 months. This is to ensure the pool is stabilized over a period of time to allow for effective trading.

Initially, LPs will be exposed to rewards 4x higher than the standard defined reward amount and these rewards will be subjected to 3 months vesting period..

The vesting process is to ensure we limit the rate at which tokens are moved to the market to be sold at least for our part and what we can control

Sonny:

Ah, yes. That should put the peddle somehow on them quick exits.

Anthony Paul:

Yes

Sonny:

Looking at the ecosystem, is there any plans to expand it? Partnership maybe? Unaware of any existing at the moment

Anthony Paul | Smarts:

In order to expand, sealing partnerships is a must.

We have made the first agreement of partnership with the Pantera group and have validated this claim with an AMA with them. The partnership is a strategic one and involves many phases of integration.

Also, we are being contacted by many outlets and have contacted several outlets too for partnership possibility.

In the end, it is what the 2 parties can offer each other that really matters.

We are open to partnership that can be beneficial

Sonny:

Is there any upcoming development the community can look forward to?

Anthony Paul | Smarts:

Many are in line actually.

Firstly, we are holding our Token Generation Event tomorrow by 16:00 UTC.

Secondly, our staking dashboard will go live before the year runs out and it will launch with a mouth-watery 600% APY (pardon me if am shilling that 😊).

These higher rewards won’t be open for a long time and will only be available for 2 weeks

Other developments include a brand new website and improvement on most of our offerings.

Sonny:

Lol. Shill away. Looking forward to these developments too especially the TGE. Will it be a FCFS?

Anthony Paul | Smarts:

Yes it will be on a First Come First Serve basis and is open for 24 hours

Listing happens immediately after the sale conclusion on Uniswap

Sonny:

Awesome! It’s been a pleasure having you with us today. Feel free to pop in anytime to keep abreast of developments

Anthony Paul | Smarts:

It was a fantastic experience being here with you. We will sure drop-in in the nearest future

Thanks to the Pentoshi community for their warm welcome and tolerance.

Thank you all.

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