BLiquid AMA Transcript

BLiquid, the first Auto-Liquidity-Generating Protocol to the Binance Smart Chain (BSC), joins BSC news in its first AMA.

By
Goon Trades
on
December 8, 2020
Category:
AMA

KDOT (AMA Host)

Hey Everyone, firstly I’d like to welcome you all to BSC.NEWS official telegram channel. Thank you all for submitting your questions, We’ve had a huge success from you guys having an input. I have had to narrow them down and have taken out the non-relevant and duplicate questions :). 

Again we really appreciate your input and without you guys, we wouldn’t be able to make this happen. Please welcome @winterbluesx from the BLIQUID Team, who has kindly offered to do an AMA with us, and we really appreciate the team for their valuable time.


All questions were answered by @winterblues, unless otherwise marked by @BLiquid - CM, where he answers instead.


Q: What is your role within the project?

So everyone refers to me as the "dev" because I test and deploy our contracts, but I’m technically the product manager. I don't type the code myself but I worked with the devs to deliver the finished products


Everyone is wondering it, even myself… so I have to ask it. Where does the Bliquid name come from?

As you probably already know, the Bliquid protocol is an automated liquidity generating protocol on the Binance Smart Chain

So B (for binance) + liquid (liquidity) = Bliquid


Q. How many people are apart of the CORE team?

5 core members

- myself + lead solidity dev (we also have another part time front-end dev)

- 2 community managers who also do marketing and biz dev (they're like the jack of all trades)

- graphic designer


Q. Has the team worked together on any other projects before?

Yes - I can't share all of them because of contracts and whatnot but here are a few notable ones:

- Our lead dev has worked on fry.world which I’m sure most ppl here are familiar with, as well as multi.io and a few other ERC20 DeFi projects that are still active

- Our CM/ marketing manager helped launch the xETH token on ERC20 which reached a $12M market cap at its peak. He left to join our team after their devs screwed up the project

- Our other CM worked on a top 50 cryptocurrency project in 2017/2018 (not sure if allowed to say the name)


Q. Why did the team choose BSC over ETH Chain?

Great question - there's a lot of great protocols on ERC 20 that aren't being developed on BSC for whatever reason. A big trend on ERC20 is tokens with mechanisms that help create buy pressure, frictionless yields, add liquidity, etc. Examples are projects like CORE, RFI, ITS, etc.

We wanted to bring over something new to BSC other than another farming project. Also, since these mechanisms do require higher gas usage, moving them over to BSC is more cost-efficient for everyone.


BLiquid - CM | Don't DM For Proposals *Joins*

Q. What are the greatest challenges the team are finding at the moment?

One of the challenges is designing a long-term and sustainable multi-token ecosystem around BLIQ that doesn't involve your typical yield-farming model

Nothing against farming projects. we just wanted to bring something fresh to the table

BLiquid - CM

We have an experienced team but the BSC community is quite new to us.  We are getting to know the BSC community better every day!

WinterBlues

The reason it's a challenge is there aren't many projects like this on BSC, so we have to put in more work to make sure people understand the project


Q. If $BLIQ was offered to get listed on an exchange, how would the burning process work?

So the burn only happens when there's an interaction on the blockchain, so there would be no taxes/fees if it were traded on a CEX.

Only when a user deposits/withdraws would the burns happen.

We've had many offers for exchange listings but it doesn't wouldn't make sense to do so, since the core feature of BLIQ is to build it's own market on a DEX


Yes my thoughts exactly. However, has the community ever raised that they would want it on an exchange?

BLiquid - CM

Besides the "Wen Binance" comments that hasn't been raised. The smaller cap exchanges (CEX) wouln't bring much benefits to us either way


Q. What are the major milestones the team has achieved so far? And what are in the future pipelines?

  • So far the protocol has generated over $18,000 of liquidity locked inside the contract where it can never be transferred or removed, so we consider this a big win
  • Our community has grown to almost 500 people in our Telegram
  • We've partnered with Thugs, Narwhal, and Nyan and have BLIQ pairs set up on their farms
  • We're launching our own farm this coming Wednesday where users can farm CAKE-LP tokens (meaning you would receive BNB and BLIQ as rewards)
  • And we're working on launching a 2nd token that generates more value for BLIQ holders


BLiquid - CM

Also we got added by the Beefy team into their Vault strategy!

That was a surprise for us, but a good one!


Q. Does Bliquid have any plans of building a NFT / DeFi mining/staking?

We have liquidity mining launching this Wednesday and a contest leading up to that: https://twitter.com/bliquidtoken/status/1335237791526096896

And as I alluded to earlier, we are working on a second token that supports BLIQ and generates more value to holders.


Q. What is your strategy for building a strong community? And how important is the role of the community to your project?

BLiquid - CM

First of all: community is the key in every project. You can have a clean and solid code but the adoption won't come without a healthy community

The BSC communities are pretty small compared to the ERC20 communities, there are fewer "influencers" and big groups to target. For example, the BSC GEMZ group of @cryptogle is afaik one of the bigger and active telegram communities. Yes @cryptogle I saw you joining haha.

 - We did some giveaways with the influencers we know

- To ensure we develop a bigger community we will have more competitions and contests in the near future

- Also we will keep delivering (a second token to the ecosystem) + new features

- New partnerships + extending current ones

Stagnant growth is also growth, we don’t need bots to fill our groups!


Contracts can have bugs and serious security issues, what plans does the team have to combat this and to ensure the security of community funds?

Great question - our contract has been soft audited and deemed safe by a community auditor (@vidartheauditor). It's impossible for the LP tokens stored inside of our contract to be transferred.

One point of risk is our initial LP tokens belong to the team wallet, which some would consider a security vulnerability.

We've considered burning these tokens to lock the liquidity forever, but also believe that's inefficient because the burn address would technically be earning trading fees and no one would ever be able to touch those.

That's why we created the solution of moving these LP tokens (worth ~$25,000) to a secure staking rewards contract and letting the community earn them through farming. It helps distribute the liquidity to the community instead of all being locked up in one place.


Q. Do you plan to have the contracts officially audited?

The token contract has already been soft audited and pieces of the code have been used in many ERC20 projects so that part is safu.

for the new farming contracts we're deploying this week, they were forked from an audited contract so we're happy to post the results on that if the community wants it.


Q. Is there any sort of security with the burn further down the road when the tokens are 90% gone?

Ahh, I understand now. no there's not a cap. but there's also no way that number could actually reach 0, and if it ever gets that close, the last few holders will be very lucky because it also means the price will be very, very high

That was the idea behind this deflationary model - to incentivize holders and strong hands. If everyone else is burning tokens and you're holding, you essentially have a great share of the liquidity pool when you do exit.


Q. What's behind the 8,888 max supply, is this for good luck or something more significant related to the project?

Haha, great attention to detail. we wanted to keep the supply low below 10,000 so we chose that number for good luck, and looks like it’s working!



Q. If you were to summarize your project in one word, what would it be?



Right, that is a wrap! would yourself @winterbluesx or @BliquidCM like to adding anything?

I'm good on my end. these were great questions. very well thought out!


BLiquid - CM |

Thanks for having us, Kudos are for @winterbluesx and you on this one 👋

For those who wish to joing future AMA's we will be collaborating with BSC Gemz moving forward


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Goon Trades

Greg (GoonTrades) is BSC News' Chief Editor and is also a writer for the team. Currently enrolled as an economics major, he finds himself as a cryptocurrency researcher, writer, and technical trader.