Fantom_Daily hosts Devil Finance: #DevilFinance #FantomDaily #Fantom
Fantom_Daily Admin: Hi, welcome to the @fantom_daily family! Are you feeling good today?
The Devil: Hello guys. We are doing great, thank you. How are you? And most of all thank you again for providing us with this opportunity.
Fantom_Daily Admin: Well it’s our pleasure! Really excited to have Devil Finance here with us! I’m always pumped whenever there’s an AMA!
And I think the community can’t wait much longer, shall we begin this session?
The Devil: We are ready!
Fantom_Daily Admin: Love the enthusiasm!
Q1: What is Devil Finance all about? Give us a little summary.
The Devil: Devil Finance is a decentralized yield optimizer platform, which runs on the Fantom blockchain. We offer a platform through which our users can earn compound interest on their crypto holdings and save, grow, and accumulate assets in a safe and efficient way. Benefits of investing through a yield optimizer include more frequent compounding and more efficient gas utilization in addition to earning rewards in the form of the native token, $DEVIL in our case. The long-term benefit of being a holder of $DEVIL tokens will include voting rights to make changes to the protocol as well as being eligible to a share of profits Devil Finance makes from collecting fees.
I hope this gives a clear overview, if anything is still unclear you can always reach out to us through our official company social media!
Fantom_Daily Admin: Nice summary! But I have to ask, why did you choose the “Devil” – s symbol of mischief, mayhem and evil to be the name?
The Devil: We had a brainstorming session with the team where we discussed all the possible names and in the end Devil Finance got the most votes. We have chosen the Devil to be a background story and the main theme of our platform because it has a powerful and mysterious connotation to it, which we believe can also be a differentiation point of our project. It also fits great in the ecosystem of Fantom Opera, with all projects having similarly themed names.
Q2: Could you tell us a little bit about yourself and your team? What are your past experiences?
The Devil: We are a team of people who are good friends and trust each other deeply. We are a group of positive, creative, ambitious, and goal-oriented individuals, which gives us a benefit of maintaining a friendly and healthy workplace environment and an ability to quickly and effectively solve any problems or potential misunderstandings. We have a great deal of past professional experience in the fields of finance, sales, marketing, customer support, and computer programming, making us fit to stand up to the challenge of developing and running a yield optimizer platform of a grand scale. Additionally, we are all deep crypto enthusiasts and firm believers in the great potential and benefits decentralized finance can bring to the world.
Q3: Why did you and your team decide to build Devil Finance – first Yield Aggregator to be backed by the power of Hell?
The Devil: One summer day we were having a coffee with the team and we were discussing general crypto stuff and how DeFi specifically can have huge implications for the world of finance. One of us jokingly said that perhaps we should become a part of this huge movement and build something of our own, and what started as a fun and simple idea quickly consumed us and not long after that we formally decided to together build a new yield optimizer.
Q4: Let’s dive into your tokens $DEVIL. Does $token get audited? Can you share with us your tokenomics? And what are some of $DEVIL use cases?
The Devil: As of today an audit report from SolidProof is available:
The audit shows that we have no major issues and we’ll try to fix the minor issues as soon as possible.
$DEVIL token is a token native to the Devil Finance ecosystem and has many use cases. $DEVIL tokens are on the one hand governance tokens and on the other ‘profit sharing’ revenue shares in Devil Finance, meaning that holders are entitled to vote on important platform decisions and can earn profits generated by the Devil Finance platform. The voting system and profit-sharing are planned for Q2 of 2022.
The total number of all $DEVIL tokens that will ever be minted is 66.666.666 and they will be emitted over the period of 3 years. The tokens will be allocated to different use cases.
1% of all tokens was created in a pre-mint and was used to supply the initial liquidity.
74,59% of tokens will be distributed as farming rewards to providers of liquidity on Devil Finance platform.
The team will receive 6,41% of the total supply as incentive for their work.
6,41% of tokens will be distributed to the holders of $DEVIL tokens through airdrops as an additional reward for investing with us.
11,59% of tokens will additionally be minted to the team and they will exclusively be used for sale in order to sustain Devil Finance and fund future protocol growth and scaling (developer salaries, marketing campaigns…).
More information about the token can be found here: https://docs.devilfinance.io/protocol-information/tokenomics
Q5: How about the “vaults” in Devil Finance? How many are you having right now and what can you tell us about your future “vaults”?
The Devil: At the beginning we launched 7 vaults, to cover the basics of Fantom Ecosystem, but we will be adding more day by day. We will try to cover all the basics first and then transition to some alternate, more advanced compounding strategies linking multiple protocols or capitalize on those protocol’s boosting mechanisms. We will also try to deploy smart yielding strategies which will be automatically switching between yield farms to get users the best yield possible.
When we’ll be deploying vaults we will ask our community first for their propositions and then we will put those propositions to vote. We would really like to engage our community with that so we could make decisions best for our users.
Q6: What makes Devil Finance stand out in the “ocean” of Yield Aggregator platforms? What do you offer to the users that keep them coming back?
The Devil: That’s a tough one, but I’ll try to give a concise answer!
Our goal is to develop a unique brand with the Devil Finance platform, offering novel features and outstanding user experience, trying to give them smooth sailing through DeFi and yield investing. In the start all of the users that use our platform are very enthusiastic about rewards that we offer on top of nonnative farms. Our goal in the long run is to attract new customers and keep old ones with many new features like implementing a swap, making a unique NFT collection that will boost yield, our own merch, lottery and in the end even entertaining features such as a casino, creating a one-stop-shop DeFi platform.
At the start we will try to attract the investors with incentives in $DEVIL token and interesting yield opportunities that other platforms do not provide, but later we will try to keep users with the promise of safety and stability. We believe that the prospect of having governance rights and receiving dividends are also great incentives to hold $DEVIL and that will retain users on our platform.
A great deal of attention will as well be paid to carefully designing and implementing fun and engaging marketing campaigns, which we believe will further strengthen the Devil brand. User experience and satisfaction is our utmost priority and we will make sure that our community feels valued and appreciated.
Q7: What can we expect in the next 3 months and in 2022 as a whole?
The Devil: A detailed plan of what we plan to achieve can be found in the company roadmap: https://docs.devilfinance.io/protocol-information/roadmap. To be precise, in the first months we plan to expand by integrating additional vaults and add more functionalities to the platform, such as for example the “Harvest all $DEVIL rewards” button. We also find it crucial to implement an extensive marketing campaign and establish partnerships with other major Fantom ecosystem participants, which will foster recognition and trust in Devil Finance. Mid-year, we plan on awarding voting rights and start distributing dividends to holders of $DEVIL tokens and later as well integrate more advanced functions into the platform such as a swap and an NFT marketplace. By the end of 2022, we plan on transitioning to a full DAO, achieving a true decentralization of Devil Finance.
Q8: Where can we find out more about Devil Finance?
The Devil: The “whitepaper” of Devil Finance can be read in the official documentation, accessible from the https://devilfinance.io/ website. The link to the docs can also be found here: https://docs.devilfinance.io/. In the documentation all the information regarding the protocol can be found alongside detailed instructions on how to interact with the Devil Finance platform. Additionally, we have included the section of Frequently Asked Questions and provided answers to them and explained the general DeFi terms in order to provide support and guidance for any potential novice users in the world of Decentralized Finance.
Fantom_Daily Admin: Right, and once again, I just want to plug in some of Devil Finance’s social media platforms also:
Fantom_Daily Admin: With this we are now at the end of our AMA session with Devil Finance 🔥🔥🔥
Time for wrapping up, any last words you would like to say to our community?
The Devil: Yes, we would like to express a warm thank you to Fantom Daily for moderating this amazing AMA session and of course to all the people raising their questions. We hope we clarified as many things as possible and that the community will embrace us as a trustworthy platform. If you have any further questions or concerns you can always reach us through company social media.
Fantom_Daily Admin: Thank you for being here talking to us about Devil Finance! We wish you the best and smooth sailing in your journey!