Crudeoil AMA Transcript

BSC.NEWS hosts Crudeoil, a next generation decentralized deflationary farming platform/yield and AMM built on Binance Smart Chain. All questions answered by Pyro - Crudeoil Finance (@pyro_crudeoil) and Petro Engineer (Crudeoil Finance) (@crudeoileng).

By
Kamran Iqbal
on
March 3, 2021
Category:
AMA

Crypto Shrimp (AMA Host): Ladies and Gentlemen, on behalf of BSC News, I would like to welcome Crudeoil Team for an AMA! shall we get started crudeoil team ?


Pyro - Crudeoil Finance: Oh yeah LFG!!


Q1  lets start off with knowing more about the team behind crudeoil finance, tell us more about the team members and their past experience


Pyro - Crudeoil Finance: First of all, I would like to thank BSC NEWS and all the admins for arranging this AMA. They have been behind us since the beginning. Amazing


Crypto Shrimp (AMA Host): thanks for the kind words!


Pyro - Crudeoil Finance: My name is Pyro and My colleague is Petro engineerI. We are two of the cofounders of Crudeoil Finance. We have a team of like minded individuals who thought of introducing a unique crypto philosophy to the community and started working on Crudeoil.  

Most of us have a long history in Crypto and I myself have been in the crypto field since 2013 and others also have many years of combined experience in the crypto industry.


Q2 How did the project come about?


Petro Engineer (Crudeoil Finance): Nice. I'll take this one


Pyro - Crudeoil Finance:  Yeah go ahead my man


Petro Engineer (Crudeoil Finance): well... while we were discussing novel crypto concepts, we were disgusted with how “inflationary staking” was causing a massive sell pressure causing tokens values to drop. Therefore, we wanted to implement a deflationary token where the holders would have to think twice before selling. This would encourage holders and the token value as a result.

So we wanted to implement this in the real world. Initially, we wanted to try our concept on ETH network first but due to the heavy fees in gas we decided to move to Binance Smart Chain. So, we have started our development later Q4 2020/ Early Q1 2021 and here we are today.


Crypto Shrimp (AMA Host): deflationary will never go wrong..


Q3 i believe the presale of oil has been completed and now diesel is done too? or the public can stil get the chance to buy them?


Pyro - Crudeoil Finance: Obviously, we were overwhelmed by the affection shown by our community. We were massively oversubscribed in our $OIL private sale and the public sale was finished within 3 seconds. We had both these sales on a simple platform.

Second, our $DIESEL private sale was oversubscribed and then we recently had our Public Sale Phase 1 on our own Launchpad https://launchpad.crudeoil.finance taking into account all the learning from $OIL sale. Frankly we ran into some technical difficulties during the DIESEL public sale phase 1 , Nevertheless, This public sale phase 1 was also sold out very quickly. Each day is a day to learn for us. I think our difference is that we put our heads down and listen to the community. We are definitely on a continuous improvement track.

Our Public sale phase 2 will be conducted soon on a popular platform. More details will be available soon on that. Community will be able to buy from that round. Or else they can buy from an AMM once the token is listed


Crypto Shrimp (AMA Host): im sure the public will be glad to know more about that..


Q4 let us know how you felt about the presales of both tokens, was it better handled in the second round ? or if you can turn back time what would you have done better?


Petro Engineer (Crudeoil Finance): Good one indeed


Pyro - Crudeoil Finance:  Indeed!! as we said, we ran into some difficulties. however we could be able to pull through and close the sale in 2.5 hours with 1400BNB raising as a result (we have refunded 100BNB excess)

Each day is a day to learn for us. I think our difference is that we put our heads down and listen to the community. We are definitely on a continuous improvement track.


Petro Engineer (Crudeoil Finance):  The community has been amazing and providing us with a lot of positive feedback and suggestions to changes. We have listened to all of them and continuously work on improving our product offering. We are definitely on a continuous improvement track.


Crypto Shrimp (AMA Host): learning everyday makes us stronger and listening to the community makes the growth organic for sure


Pyro - Crudeoil Finance: Massive learning curve for us. The interest was overwhelming. We got a loyal fan base behind us


Crypto Shrimp (AMA Host): thats great!


Q5 Tell us more about $oil and $diesel, whats their use case and whats their differences?


Pyro - Crudeoil Finance: certainly. $OIL is our first token and it has a deflationary architecture. every transaction is associated with a burn. Therefore the total supply goes down even as we speak. Holders will have a chance to Stake/Farm Binance smart chain assets (BEP20) and get staking/farming rewards from OIL tokens. We are actually building an ecosystem around $OIL which was our first token. $DIESEL on the other hand is a fixed supply token. This will be the medium for buying and selling NFTs on our upcoming NFT marketplace. Both tokens will play a massive role in our upcoming yield farm optimizer. Holders and stakers will have huge benefits (yet to be revealed)  $DIESEL on the other hand, does not have a burning function. There will be no burn mechanism implemented hence we can use it to list it on a centralized exchange. (We got so many offers to get it listed on centralized exchanges due to the burn feature we couldn’t get it done) $OIL and $DIESEL are integrated when $OIL holders are provided with benefits later on when all $OIL tokens are minted and unlocked after staking


Crypto Shrimp (AMA Host): wow big stuff, NFT and listing plans will be great and those holding the tokens will be excited


Pyro - Crudeoil Finance:  Just wanna add one more point here. We received a listing request from a top tier CEX. More details to be announced once the deal is done.


Q6 from your medium articles, it shows that you take great care of the public safety when purchasing the tokens. How are you protecting the community that have invested in the project? any audits?


Petro Engineer (Crudeoil Finance): of course. security is very important isnt it?


Crypto Shrimp (AMA Host): defo


Pyro - Crudeoil Finance: I think @crudeoileng should take this


Petro Engineer (Crudeoil Finance):  Certik is our smart contract audit partner and you can see our project listed in their onboarding projects list.


Crypto Shrimp (AMA Host): great stuff and we spoke to them in an ama not long ago too!


Petro Engineer (Crudeoil Finance): Furthermore, we have always been educating our community not to fall for scammers. We have always been communicating with our community to stick to our group for all communication. We have also experienced a massive DDOS attack recently. Since then we have upgraded our platform infrastructure and moved to sophisticated AWS platform with ultra high security. We understand that security is a continuous improvement but not just a one-time task. So, we are committed towards continuous improvement.


Pyro - Crudeoil Finance: Adding the website link here: https://certik.org/ Just wanna give a shout out to Marco from certik


Q7 after security, im sure the public wanna know what are the strategy in place to assure the value of their investment maintained, if not go higher?


Pyro - Crudeoil Finance: I got this one. In terms of $OIL, its the deflationary feature. It is something to do with human psychology. if people dont sell, the price will hold. If people sell, they are playing into the holders hand. just a beautiful concept.  Also, Yield aggregator/optimizer fees will be distributed among the DIESEL and OIL token Stakers on our platform. Furthermore we will have soo many value addition to the project other than the optimizer. We already launched the IDO platform (already getting massive interest from so many projects). Plus we have plans to launch our own NFT market place, AMM. Frankly the initial idea was to build on Ethereum and contribute to its ECOsystem. As you all know and aware, Gas price is killing ETH dapps at the moment. So we moved onto #BSC. So far, we have been getting a lot of positive feedback from our community


Crypto Shrimp (AMA Host): Thats great stuff and you answered the question as to why BSC too..



Q8 you spoke about partnership, is there any that you are allowed to let us know? and how will they be able to partner crudeoil?


Petro Engineer (Crudeoil Finance): I'll take this one. Of course! partnerships are a two way thingy. We get exposure to our project across established communities. Similarly, these projects will also get the exposure to our community. In addition, we will utilise the product features they are good at. For example, when it comes to stakd, OIL holders are able to stake OIL LP to earn Stakd on their platform. On the other hand we have recently partnered with BillionHappiness as well. We will soon be hosting their public sale on our own Launchpad. https://launchpad.crudeoil.finance Similarly, we also established a partnership with Certik who would do the smart contract Audit of our token. Certik is arguably the best smart contract auditing firm out there in the market


Crypto Shrimp (AMA Host): thats great news too! BHC supporters will be equally excited about this


Petro Engineer (Crudeoil Finance): We have been approached by well known (That’s all we can say  at the moment) IDO/IFO platforms in the space. We are still negotiating terms to conduct our Public sale phase 02. Some of the partnerships are still in the research phase. We are discussing how we can improve ourselves while collaborating with each other and contributing to the BSC ECO system. We can’t put out the names yet but the community will come to know in due course.


Crypto Shrimp (AMA Host): we always strive to under promise and over achieve in the progress of a project 🙂


Q9 brings me to the next question, how does crudeoil finance earn money to fund the team and future development?


Pyro - Crudeoil Finance: This is an extremely important question. The reason why we never allocated any token portion towards the team at the beginning was to build the trust among the community. There is no point of raising funds and also having a piece of token pie by the team at the same time (Even though many projects tend to do that). Let me break it down to points how we are gonna handle the business in the future (from funds perspective)

🛢 Every OIL transaction has 2% fee inbuilt. 1% goes to the project team wallet and 1% permanently burnt. We can utilize that for our expenses.

🛢We have raised enough funds to run the project for 2 years with calculated predicted burn rate

🛢We have a plan to utilize a portion of yield farm optimizer fees towards project expenses which is our main product among many.

🛢We launched our own launchpad. Projects can apply for fundraising through our platform. We charge a reasonable fee which can be utilized for the betterment of our project as well. Our public sale phase 01 was conducted there. We have one planned around 7-10 of this month with Billion Happiness. They will conduct the phase 2 of their sale on our platform.


Crypto Shrimp (AMA Host): I’m sure the public will be pleased to know of this plan for funding


Q10 lets talk about what are the current development, besides the phase 2 sales of $diesel and paternership? are there other things that you guys are building?


Petro Engineer (Crudeoil Finance): I’ll take this one. So, we are fast at development on multiple fronts. With respect to $Oil, we are adding more and more LP pools to our platform so that our loyal community can earn more $OIL by staking those tokens. On the other end, we are developing and improving our own Launchpad to host more token sales while cultivating multi-dimensional partnerships.


Crypto Shrimp (AMA Host): nice i like the part of growing together with other projects, it definitely will make the projects stronger!


Q11 we have cover most of the past and present stuff, what is the roadmap for future development?


Pyro - Crudeoil Finance: In terms of future development, we are working on our own yield optimizer platform. 

With respect to $DIESEL, we are developing the NFT marketplace. And many other surprises which we will announce pretty soon. you can get a detailed timeline here: https://docs.crudeoil.finance/roadmap-1 Dates are subject to change. We hired couple of developers and development is in fast phase now. We will be able to launch the products even before the mentioned dates.


Q12  thats nice and i would say alot of ppl will be looking forward to the great development of crudeoil, how about providing us with links that allow the public to learn more about your crudeoil finance, eg social media/medium/tg etc.


Petro Engineer (Crudeoil Finance: All details could be found below.

🛢 Website: https://crudeoil.finance

🛢 Email: contact@crudeoil.finance

🛢 Twitter: https://twitter.com/crudeoil_fi

🛢 Telegram Chat: https://t.me/crudeoilfinance

🛢 Telegram Channel: https://t.me/crudeoilfinance_ANN

🛢 Blog: https://crudeoilfinance.medium.com/

🛢 Github: https://github.com/CrudeoilFi

🛢 Docs: https://docs.crudeoil.finance

🛢 PitchDeck: https://docsend.com/view/x9puqwhca8ciwbt4


Crypto Shrimp (AMA Host): we are almost done with the questions from me, after that i will unlock the room for some live questions from our audience, once the questions flow in, i will lock the room again for you to choose a few questions to answer..


Q13 It's my famous last question in BSC news, whats the alpha you can offer us besides what we have talked about previously?


Pyro - Crudeoil Finance:  Oh Alpha here we goo..


Crypto Shrimp (AMA Host): its never enuf haha


Pyro - Crudeoil Finance: ha ha! That’s a secret! Kidding! Well.. As I said at the beginning, we are working on a unique concept and working towards a revolution. We will soon be introducing customizable vaults to our portfolio. We believe this will be huge in the days to come with the ever increasing popularity of staking and the $OIL eco system will be at the forefront of it. We have so much planned for the optimizer. Your very own KDOT gave us some alpha suggestions which are amazing. We discussed internally and we will implement them once the platform is live. You will see the magic once the platform goes live. Till then our lips are sealed. There you go! The news was broken here at first.


Crypto Shrimp (AMA Host): Thank you for the time being here at BSC News AMA, Im sure the public will love the project more than ever now!

You guys have great team work even during the AMA we can see how you guys are not cutting into each other, that tells a lot too!  I wish you guys all the best and hope you enjoyed your time in this AMA!!  Transcript for the AMA will be out shortly and we will let you know about it. For those who have more questions and wanna learn more about CRUDEOIL FINANCE do check out the links below:

🛢 Website: https://crudeoil.finance

🛢 Email: contact@crudeoil.finance

🛢 Twitter: https://twitter.com/crudeoil_fi

🛢 Telegram Chat: https://t.me/crudeoilfinance

🛢 Telegram Channel: https://t.me/crudeoilfinance_ANN

🛢 Blog: https://crudeoilfinance.medium.com/

🛢 Github: https://github.com/CrudeoilFi

🛢 Docs: https://docs.crudeoil.finance

🛢 PitchDeck: https://docsend.com/view/x9puqwhca8ciwbt4


Pyro - Crudeoil Finance: Oh yeah amazing. I expected nothing less than this sir. you have an amazing community


Petro Engineer (Crudeoil Finance): Lovely community


Tags:
No items found.